I think a large performance difference between big Polaris and the 1080 is quite possible just given the difference in chip sizes, transistors and design goals. They look to be aimed at different markets. So AMD could well be worried without an answer to the 1080.
HOWEVER, its sounds strange to me that AMD are surprised that Nvidia are releasing a mid-sized chip at this time. Did AMD really think Nvidia were 6 months late, or that Nviida would be releasing a 750ti type card first? Doesn't sound likely, they must have known for a long time. I mean or starters the rumored AMD GPUs jump from a small chip in Polaris to a big chip in vega, where the heck is the mid-sized 350-400mm^2 chip? How were they expecting to cover the performance gap?
i really have no idea. I would love for the current Poalris rumours to be wrong, or for there to be some unknown bigger Polaris chip coming, maybe that is what will come in October and now AMD want to push it sooner? Or maybe AMD had to cut the GPU R&D budget and there will will be a big gap between Vegas and Polaris, I surely hope not