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It's not replacing a $500 GPU, it's replacing a GPU that correcting for inflation would be $700, MSRP (sustainable pricing, where the store and AMD aren't just taking a loss). Here the 6800XT is out of stock in most stores anyway, It's just a matter of time.
What I think is that AMD should have simply called it the 7800(non-X) and avoided these pointless comparisons.
Or the 7750XT abd the 7700 non XT although regardless of how they are named he's more talking about how the 6800XT has been available for almost a year around 500 usd and at the same price they're giving you a pretty identical performing card with slight gains to power and RT.
I think what really happened was amd waited to see what the floor vs the 4070 was for this kind of performance and decided to finally release it once that price stabilized. Can't really blame them but of course some are expecting $399 when that isn't very realistic. RDNA2 isn't cheap becuase amd want's it to be cheap they just ordered way to much of it and had to do a fire sale to clear inventory
Both seeing this card as a failure or huge success depends on perspective neither is wrong we're human most people view things differently somtimes way differently.