Looks to me that AMD (or should I say RTG) simply had to dish out something to fill the gap between Hawaii and Navi and stay relevant in the market.
I don't have a problem that it competes with 1070 and 1080 at possibly lower prices nor the power draw at this point. I don'd mind that it comes out more than a year later, and (probably) cannot beat the topdog (Ti).
The biggest problems I see are the HBM and die size, and how much money can AMD actually make with these chips, and those prices?
Another issue I'm seeing is, who is the target audience for Vega. If a product like this got released in Aug 2016 ppl would have a choice. Unfortunately, the fact is, NV fans undoubtedly went for Pascal, and while AMD fans waited for this, all those neutral buyers had no other option when it comes to upper-mid segment.
So what happens now? Let say 20% of the ppl were holding out for Vega to arrive, and let say 10% (at best) that got Pascal will jump ship just for the sake of having fancy new hardware. That is still extremely low and those are probably best case scenarios. Now, maybe the review will show a different story, maybe it can take the fight to the 1080Ti, and there still is the G-Sync price premium over Freesync if you want to go that way, but thats a lot of straw grasping.
And it looks like the supply will be low as well, not to mention the fact that you'll have to jump through rings of fire to get your hands on one.
Sure the Ryzen combo is cool and all, but most buyers that wanted a Ryzen CPU already got one. Imagine how awesome it would have been if Ryzen and Vega launched alongside each other, with these prices and these combo deals. Another missed opportunity for AMD.
Don't think I can say I'm disappointed, as new hardware is always exciting, but I strongly believe that AMD made a huge amount of wrong moves regarding everything Vega related. The videos, the teasing, the demos, the release frame, not going for AIBs from the get go (expect more of the RX480 reference cooler crap)...
Now if it's true that Navi is actually Raja's "from the ground up" project, and that when he got to AMD Polaris and Vega were already massively in development, than that gives me hope that Navi will truly be RTG's Zen and more.