The 4070 is shaping up to be not horrible.
12GB VRAM isn't too little. It's the minimum acceptable amount, but it is at least acceptable.
Sub 200W is also fine. Good, even.
The $599 price point is too much given that just five short years ago the 1070 was $379. I'm not sure inflation and manufacturing costs have risen by 60% in that time, but at least in the current market, $599 isn't awful. That says more about how bad the market is than the good price of the 4070 but I think the last five years have all been pretty rubbish with minimal performance/$ improvements from Nvidia since Pascal.
At the very least, I'm looking forward to some decent products in the midrange. If the price rumours of the 4070 being $749 were wrong, perhaps the horror-show that is an 8GB 4060Ti will also be wrong. $300 was is too much for an 8GB card in 2022. In 2023, 8GB is absolutely too little VRAM for whatever Nvidia intend to increase the 3060 Ti's $399 price by. Presumably another 20% like the rest of the Ada lineup so far - which means a $479 4060Ti, perhaps. All it would take for AMD to do then would be to provide 12GB on their sub-$500 for some very easy wins in benchmarks. I don't like it, but that's how it's been this year so far.