It's a good match for the 7800XT in terms of performance/$, with the advantage of faster RT performance and the disadvantage of 12GB being barely acceptable for a $600 GPU still.
What this does highlight for sure is that the vanilla 4070 needs to come down in price more. $499 would be a more reasonable price for it.
7800XT should be 399 then, the features are simply lacking way too much. People are not paying Nvidia prices for AMD hardware. Loking at raster perf and nothing else is a big no-no in 2024. Upscaling is here to stay. It replaced AA and DLAA and FSR Native exist, beating native IQ with AA on top with ease, in both visuals and performance.
If AMD intends to regrab marketshare, then they need to price their cards more agressively. Or they will loose even more.
Also, they need to improve their features to be comparable to Nvidias. DLSS/DLAA beats FSR in every game. DLSS FG beats AFMF easily. Ray Tracing and Path Tracing runs way better on Nvidia. Reflex is better than Anti Lag+ that got people banned on Steam. Shadowplay has better quality, less perf hit and better platform comp (Twitch etc), than ReLive.
Also AMD often lacks launch drivers for new games, and good optimizing in general when you leave the most popular games. Early access games often runs alot worse on AMD GPUs. Go read Steam discussions and you will see AMD users complain alot more, even tho 80% of PC gamers use Nvidia. Developers knows this too and probably use Nvidia themselves.
And all this, is the reason why AMD can't demand Nvidia prices for their GPUs. AMD mainly focus on CPUs and APUs, not GPUs. Nvidia does, and it shows.
Besides 12GB is plenty for 99% of PC gamers and this won't change before 2028 when next gen consoles hit. Current gen has 16GB shared memory for entire system and barely uses 8GB for most demanding games on the platforms, while targetting dynamic 4K/UHD. 95% of PC gamers use 1440p or less.
96% of users on Steam have 12GB VRAM or less. Biggest and most popular gaming pc platform by far. Gives a clear picture of PC gaming market. And you think developers will raise VRAM requirements to 16+ GB anytime soon?
SUPER refresh should force AMD into doing this;
7800XT down to 449 or even 399
7900XT down to sub 600
7900XTX down to sub 800
Or sales will crumble. They are nowhere near Nvidias 4000 series in terms of sales even before SUPER refresh. The worst priced (but good and efficient) card, 4080, sold way better than entire 7000 series according to Steam. 7700XT, 7800XT and 7900XT is not even present in top 100 most popular GPUs.