I will admit that I'm new to overclocking, and dGPU use. My first real card was the R9 270x w/4gb of Vram. That card is in my son's computer, and he has no issues with most of the games he plays(FC4/Watchdogs). He cares about the performance about as much as a new gamer might.
I am running 970's in SLI. (Quick note, the 3.5gb of Vram is NOT a issue. I have seen my usage above that in several benchmarks and games. BM:AK and The Division(I don't really play it, but the benchmark will push the Vram usage really high).
I know this OCN, and we love to push the envelope of the hardware. The one thing to remember about this RX 480 is it isn't really marketed toward us(in general). It is marketed to get MORE users into PC gaming. I think most NEW users will look at only the price. Sure, they may read a few reviews and do some research. I also think that most of these new users will be at 1080p. I mean think about AMD for a sec. They are really trying to expand their base. We all realize that nVidia has the high end. I think AMD has conceded that point to some extent.
For 200.00, you get decent performance(still to be determined) and lower power usage. For me I think that for the majority of new users that is a steal. Of course, this all speculation about performance, but the numbers do look promising.
I don't feel I'm loyal to either brand. I will say that as a current nVidia user, that some of the things I've read about the 1070/1080 are a bit of a turnoff. I'm sure the same can be said about AMD. I can't really address that, since I haven't really messed with the R9. I will say, that for OC'ing that I've had so much fun with the 970's. To me that is almost as much fun as seeing the end results(benchmarks and gaming).
I can understand why some people are hesitant with these preliminary numbers, but again, we don't really know.......yet.
Note: I don't bash anyone for their purchase. It's pointless, and achieves nothing in the end. We need both companies to be able to increase the performance of their cards.