Significantly improved RT, but still slower than 4070Ti Super
FSR4 is leagues ahead of FSR3, but still worse than DLSS4
PT performance is nowhere near useable yet
Ray Reconstruction not available yet
FSR4 SuperRes and FSR Frame Gen game support is nowhere near DLSS4 level of support
If people don't care about any of those above features, might as well grab a 7900XT with 4GB more VRAM
You're not wrong about RT
FSR4 is close enough to DLSS4 now that's it's marginally different at best (a technical win for Nvidia but not a obvious one)
PT performance I think is in the RT boat but it's more niche (so a win, but with less appeal)
Frame gen (in my opinion here) is the biggest waste of time.
People in this class of card aren't going to see much benefit of more than 16 gig of ram for a bit, the 9070XT's are 30% cheaper than equivalent part of the range of 5070Ti but they're less power hungry than 7900XT's with better encoding engines and using less power during multi-monitor activities.
For me as a gamer/streamer, the encoding engine change is good, not paying 30% more for ray tracing performance in games I don't play and for a 10% premium over a 7900XT seems like a wiser choice for me. I'm not gaming @ 4k in the latest heavily ray traced games, so there's no appeal to leap to 5070Ti/5080 + money.
I think AMD hit a good spot to grow market share here, however letting the price drift up is killing it, so after stock settles if they prices drift back down, that's only going to be a good thing for consumers.
Deep pocketed gamers will always lean to 5090 class cards (irrespective of the manufacturer, if say AMD get ahead at some stage) but hero cards don't make the lionshare of revenue or dictate the market prices if there's competition at the lower tiers.