Usually when a flagship gets a refresh its just newer revision chips/bios, the cooling and PCB's are generally left to AIB's. Usually making it a complete nightmare for anyone wanting to watercool in the process.
not entirely true, there are rumours about new R9 295x with new memory called HBM, that will reduce power consumption, and increase memory bandwith, supposedly AMD will use this to reduce power and boost frequency along with new reference design, so not just a rebranding, coming in the summer.
here is the full article : http://videocardz.com/50472/amd-launch-new-flagship-radeon-graphics-card-summer