Infinity fabric is a really fast interconnect. Fast enough for CPUs to synchronize their L1 caches with. Think about this for a second: when a CPU issues a cache fence instruction (store/load fence) it ends up exchanging messages with other CPU cores. We are talking about the fastest thing after direct register-file access.
Now, there are many ways you could use it in GPUs. One way would be to use it instead of PCI and rely on CrossFire software or mGPU/DX12, but that is really not new: you will still have the current issues of SLI/CrossFire (maybe less stuttering) or you will have for devs to write specifically for it.
The second way would be to create a single GPU as an MCM (multi chip module) same as Ryzen/Naples. Again here there are many ways to go about it:
1) You can create a single "control" module with a shared memory controller, geometry engine, hbcc, hardware scheduler, etc. Then you create multiple modules with the shaders. You use infinity fabric to connect them because it is that damn fast. This way you have a single GPU so software is not affected at all, but it is dirt-cheap to make because you produce small shader modules (e.g. 512 shaders in each) and can build cards with many of them. a 4096 shader card would have 8 x 512-shader-modules. A 2048 card would have 4 such modules, etc. The cost per shader module is dirt-cheap because they are small so yields should be astronomical. So you have a single shader-module design and maybe 2 control-module designs (high end / low end because ROPs, TMUs etc are not one-size-fits-all) and you mix and match.
2) You create a multi-chip card where the "control module" is smart enough to synchronize HBCC caches with other "control modules". I believe this is the approach they are taking because that's what the HBCC does: it's similar to Ryzen's memory controller and infinity fabric takes care of consistency and moving data around as each chip works on it. This is closer to having 2 "traditional GPUs" on the same MCM which act as one (share the same memory address space and let HBCC manage data movement).
3) You do both.
If they can get this to work (and I don't see why, they managed to get it working with Ryzen) then Navi will be dirt-cheap to make even in 6144 shader configuration.
Yes, as Roff alluded to above it will require significant architectural changes before infinity Fabric could really net us some true gains. I'm also not sure if IF is mature enough to really see this happen yet.
http://www.tomshardware.com/reviews/amd-ryzen-5-1600x-cpu-review,5014-2.html
A lot of the issues reviewers have found in various mtuli-threaded tests with Ryzen come about form the higher latency and variability in inter-core communication that Intel CPUs just don't have. For a graphics works load that effectively has thousands of threads could be quite a problem.