Efficiency. These theoretical numbers are always a far cry from the real world figures.
The new 14/16nm nodes gives about 70% gain and then they get about 20% from architecture improvents, in the real game benchmarks. AMD likely gain slightly more from the architecture than nvidia, mostly because they were someway behind and the 300 series were rebrands.
Things will be much closer now.
Hmm thought the nano pretty much bridged that gap considering it is faster than a stock GTX 980. http://www.anandtech.com/bench/product/1556?vs=1442
And the new Pascal cards aren't really that much better than maxwell (furmark always lower than actual games, except for maxwell cards for some reason): http://www.anandtech.com/bench/product/1731?vs=1714