The funny thing is, Nvidia is simply doing both (density / high shader count + high clocks) at the same time - the last time I looked Titan X + 1080 Ti were still able to hit very high clocks.
1060 is able to hit "very high clock" doesn't help it that much vs 480.
1070 (a bigger chip, although hard to say how much bigger) is 1.43 times faster than 480, while running at 1.34-1.32 higher clock.
480 is denser than 1080. (5.7/230 vs 7.2/314)
We also have Glofo 14nm vs TSMC 16nm, I'm still confused which one is better.
Titan is denser than 480 (12/470) although not by much.
We see how that compares to AMDs high end in May.
So the only unknown/s that would allow Vega to completely surpass the 1080ti is if theres some secret-sauce type IPC improvements
There is die size parity, always been. It is can swing back n forth for 10-20%, but not much more than that.
500mm2 Vega (ok, Raja said "it is less") can not not compete with 472mm Titan.
10% slower? Possibly. (I rather expect perf to vary wildly from game to game) But closer to Titan, than 1080.
That didn't work out the best for Fury X, sadly. Unless AMD fixed the problems of underutilization
Fury's problem was => bad OC.
At stock it was on par with 980Ti day one (and even more so later on, when drivers matured)