Am I right in thinking that this gen of card will be able to utilise the vram from the second card in x fire?
No, because the data would have to be transferred over the PCI-E bus which is way slower.
What DX12 would allow is say 1 texture to be in 1 card and 1 in another and you could get the first GPU to render a triangle with the fist texture and the 2nd GPU to render a triangle with the 2nd texture. Currently both textures would have to be in both cards memory even if only 1 card needs it.
The thing is it is pretty much impossible to know which textures would be needed by which GPU exclusively and in most cases both GPUs will need all assets. because both GPUs will be sharing the rendering of the whole scene.