Hilarious watching everyone moan about 970 this, 970 that, when there are many 970 owners who have come out and stated the VRAM situation causes performance stuttering when being pushed over 3.5GB. Just ask 980 owners who came from a 970. The 980 doesn't have the issues even when it is pushed over 4GB.
I think most of the 970 stuttering claims were made by people that never even owned a 970 actually. Also, any situation that would put a 970 over 3.5GB would also require SLI to run smoothly, so anyone with a single card(or claiming to have a single card) that complained of stuttering was over driving their card anyway.
As an actual 970 owner, an SLI 970 owner, I can tell you the stuttering was way over exaggerated. I get no noticeable stutter in any of the modern games except one. The one game I do get stutter on is Shadow of Mordor with the HD Textures installed. And the reason it stutters is for some reason it actually ignores the extre 0.5GB of memory and once it fills the 3.5GB it starts using system RAM. And I had the same problem with my 980, it just happened at 4GB. Shadow of Mordor actually will use close to 6GB of VRAM with the HD Textures, and once you start paging out to system RAM you will get stuttering. It isn't any worse on the 970 compared to the 980.
So you want AMD to release an ultra competitive GPU that takes on the 970 directly? Are you blind? They already have one in the 390. It goes toe to toe and beats the 970 for the same price. Just because it doesn't have an "X" means you don't consider it? For the same price you get 8GB VRAM, around the same performance, and no stuttering issues. So what if it gulps power instead of drinks. The only better option is almost $200 higher which isn't much better in fps. Until NV drops the 980 under 390X prices, there is no competition.
The 390 has virtually no overclock potential though, because AMD is already pushing the Hawaii silicon to its clock speed limits with the stock clocks. You are looking at sub-100MHz overclocks on the 390 while I haven't seen a 970 yet that couldn't do a 200MHz overclock.
And lets face it, overclock the video card is no mainstream. With every card coming with some kind of overclock utility bundled with it, and the warranties now covering overclocking, people do consider how a card will overclock in their final decision, especially people on an enthusiust tech site.
Then there is the fact that the 390 is more expensive, by about $30, than the 970. So the 390 is more expensive, performs worse once both are overclocked, performs equally when not overclocked, it uses way more power, puts out way more heat, and takes up way more space in your case. The 970 is already available in basically the same size form factor as the Nano, you'll never find a 390 in that form factor. The only benefit of the 390 is 8GB of VRAM, and all the reviews straight up say 8GB on this card is useless except in select couple of situations.