The instruction prefetching and greater L1 and L2 cache should casue a lot of the shader performance improvements. The improved commander processor should improve Shader Utilisation, so more of the shaders on the die are actually being used without needing Async as often.
The main problem is that Nvidia and AMD went with 600MM2 GPUs last generation which had stripped out DP performance,so unlike in the past it might be not so easy for a smallish GPU to be able to be faster IMHO.
Personally I think AMD are going to go for price/performance with Polaris rather than absolute performance just like the HD3000 and HD4000 series.
So,a Polaris 10 with R9 390X/Fury/Fury Nano/GTX980 level performance for around £200 to £250 in a small compact graphics card. Outside special deals that will be £300 to £400 card performance in something cheaper and with less power consumption,more consistent performance and an updated feature set.
Also,I expect the Polaris cards to be cheaper to make,and have much less power consumption than the previous AMD cards meaning more likelihood of OEM sales in laptops and prebuilt desktops.
Nvidia engineered Maxwell in such a way it meant they could replace the entire Kepler stack with cheaper to make cards and it has paid dividends for them in OEM sales.
Unless,Nvidia is releasing a large Pascal this year,I suspect they will go for a smaller die too,around 300MM2 and aim for GTX980TI level performance,but will then price it at £350 to £400 which is £100 to £150 cheaper than a GTX980TI.
OFC,I could be entirely wrong!