Wow, this thread and some of you in it.
1. AMD is so far behind Nvidia that this is AMD's last hurrah?
So why is AMD spending so much on Gaming Evolved program? AMD also has the two big consoles. GCN is also an integral part of AMD's future HSA plans.
2. 400w power draw
That one leak was 400w AT THE WALL for the entire system. It's IMPOSSIBLE for a single card to draw 400w as that would completely violate the spec
3. Nvidia has a decent answer to Hawaii
They don't. Hawaii is a 430mm^2 card and GK110 is 551mm^2. Given the die size to performance, GK110 is completely uncompetitive with Hawaii and it's in serious trouble.
4. Hawaii is doing great in Gaming Evolved only titles
I see two problems with this. A. Nvidia has been using TWIMTBP in benchmarks and Nvidia guys have been touting them for a while. Remember Crysis Tessellation?
Second, Nvidia seems to do just as well, if not better in some Gaming Evolved titles. I recall a few threads with Nvidia guys laughing at AMD being slower in Gaming Evolved titles.
As I mentioned elsewhere, when Nvidia is in between a rock and a hard place, they do things like release alternate software/hardware to try and add value to making the choice of going Nvidia. They have traditionally used PhysX and driver quality as reasons (both of which are debatable at best as to how accurate or valuable they are, but that's not the point of the discussion). PhysX is in some trouble with next gen console support in comparison to more open physics libraries like Bullet and regardless of whether it was true or not, the 320 drivers Nvidia released have a lot of FUD about them floating around the internet. They don't have their two stalwart fallbacks to go back to when they are in a bad spot.
So, they have released G-Sync in an effort to add value to the Geforce line because that is all they can do at this moment. Price to performance GTX 780 should be below 290x, yet 290x is cheaper. As I mentioned with die sizes, Nvidia would make far less money off of its high end line in comparison to AMD because there is no way that a Nvidia is fitting more 551mm^2 dies than AMD is fitting 430mm^2 dies on a same size wafer and there's no way Nvidia's chip is yielding better.
But I'm not taking this as some sort of ranting fanboy thing. Odds are when Maxwell comes out Nvidia will take the crown again. However this situation where AMD and Nvidia are leapfrogging each other should be good for use consumers. Hopefully this is a warning sign to Nvidia that they will have to be more creative than making a massive die and beating the competition by nothing more than sheer brute force and then charging a premium for it. AMD has gotten Nvidia very good with Hawaii and hopefully it means GM110 is a smaller die that still can pack a serious punch in performance, because smaller dies performing better means cheaper graphics cards for all of us no matter what team you're on.