This is certainly true, but if you check previous GPU generations transistor density has followed the expected trend more closely. For example, taking the last few AMD GPU die-shrinks (comparing successive high-end GPUs only) and comparing the increase in transistor density, we see:
130nm->90nm: [x800xt -> x1800xt]:
Expected: 108%
Actual: 96%
90nm->80nm: [x1900xt -> x2900xt]:
Expected: 27%
Actual: 40%
80nm->55nm: [x2900xt -> HD 3870]:
Expected: 111%
Actual: 102%
55nm->40nm: [HD 4870 -> 5870]:
Expected: 89%
Actual: 73%
40nm->28nm: [HD 6970 -> 7970]:
Expected: 104%
Actual: 74%
It's not a million miles away from the trend, but it's certainly the biggest "undershoot", and by a fair margin. You see a similar trend looking at Nvidia's chips also, though they have historically achieved lower absolute transistor densities since the 8800GTX (presumably due to the "hot clocked" shaders).
I suppose the key will be to see what kind of transistor density increase Nvidia come out with. If it's in the same ballpark as AMD (~75%) then we can assume it's due to process issues. If it's significantly higher (>90%) then there may be other factors.
You need to factor in a heck of a lot more than that, firstly it makes a lot more sense to factor in early lower yielding 40 vs early lower yielding 28nm, which gives you 334mm2 2.15billion chip to a 360mm2 4.3billion transistor chip.
Each process is seeing a seemingly bigger difference in terms of quality of chips out the door first to out the door last, and more things being done to combat the process problems from the chip makers.
It used to be, to a degree, that process guys made their process and then chip guys came along and just followed the design rules and made a chip without too many problems. Now, realistically the process and gpu's are done in tandem, TSMC get gpu guys in early(and cpu, really anything difficult to make) and try and adjust design the process as best as possible AND have the cpu/gpu guys adjust their chips to the process.
The 5870 is said to have 10-15% die space pretty much dedicated to combating yield/process problems, the 6970 iirc is what 15% larger with 25% more transistors -ish, so transistor density increased...... or the process got better to the point the 6970 could have less redundancy, hard to know without TSMC or AMD telling us point blank.
Likewise, the actual process node names are, rounded up or down, and with HKMG added across only part of TSMC's 28nm process, while hkmg is supposed to add around 10% to the size of a gate, well, who knows. PR is pr, is their lowest end, highest transistor density and non HKMG process close enough to 28nm, but the HP HKMG version is actually closer to 30-31nm?
Then you have the last major factor, from say 80-65-55nm almost everything was scaling down very well. It's being said that several bits in chips simply aren't scaling as well. the "process" size is merely the smallest ones possible, not the average size of all bits, nor the size everything can be shrunk to. IE 100% of the core used to shrink, these days, that number is reducing....... I've never seen anyone put a number on it though.
There are also other possibilities, did AMD go for a "faster" core so drop a little IPC essentially for higher clock speed, did that require some transistor changes, in terms of extra transistors for more speed. Have amd neutered it to stay within 300W, at 1250Mhz it's clearly going to be an awesome card, would it have launched at 1100Mhz if the 300W pci-e GUIDELINE been changed years ago, who knows.
Either way, the 7970 vs the 5870 gives a pretty good indication of process shrinking, early immature process both times, double the transistor count, performance up 70-80% and way more than that in tessellation and certain other situations.
This 300W thing is peeing me off, its a guideline not a "rule" anywhere, and its fine to have 4 300W cards in quad sli, but one card breaking 300W is somehow "bad", which gave us first off neutered dual gpu cards, and now we have dual gpu cards that blew through 300W, and no one gave a damn. But blowing through 300W on a single card, officially, and again AMD is being timid about it, or seemingly.
Either way, a lot of people were hoping process shrinks wouldn't be "easy" but would hold out for a little longer, with the 14-16nm being the point people are expecting insane problems and below that well, being almost unpredictable.
Think we need some pretty severe technology breakthroughs in the pretty near future 3-4 years max, or seeing some serious performance walls for gpu's and cpu's soon.