If they were selling at the same launch price as the HD 7850, then that would be deceptive but they are not. Look at what intel does: Sells the 2600k, then the next year the 3700k, then the 4700k. Mostly the same product. Every company does it. Why reinvent the wheel every time? Two years from now, if they want to sell it as a "beginner" card for $75, more power to them.
Boo frickin' hoo - they did not shrink the die. Sorry, but a precious die shrink will save you all of $10 on your power bill.
Why is a rebrand so terrible when the customer gets a great card for a great price. PLEASE tell me how this is "immoral by geek law." Would it make you happy if AMD took a wheelbarrow of money and lit it on fire so the universe would be at balance?