Im interested in how much these might overclock now when they get another power connector and water cooling. They might turn out to be a 300watt overclocking beast.
They're power throttled at stock as well, so merely adding another power connector and increasing the allowed power draw will improve performance without any overclocking.
I wouldn't buy a reference RX 480, but I am eager to see what's what with a 3rd party RX 480 that has the power supply that an RX 480 should have. Simply replacing the 6-pin connector with an 8-pin one or adding a second 6-pin one would do. I don't care if it draws an extra 30W, which is about as much extra as it will be allowed to draw with the power limit set to +20%. 30W. Whoopie. I'm not running it off batteries. I don't care if it's a 180-190W card rather than a 150-160W card.
You'd need some modification to get it to draw 300W, either in the BIOS or through an overclocking tool that allows you to specify a power limit increase of more than 20%. Doable, though.
Personally, I'd be looking at removing the power throttling first by a combination of undervolting and an increased power limit, while keeping stock speeds. Then I'd edge up clocks and voltages while monitoring temps and power throttling. There's not much point increasing clocks if doing so increases power throttling - you get lower performance and higher temps.
Just using an 8-pin connector (or 2 6-pin connectors) would have kept the power draw through the PCI-E slot below 75W and avoided this whole issue. But no, marketing required AMD to use a single 6-pin slot to "prove" that the card only uses a maximum of 150W even though it needs to have its performance cut down to do so and it doesn't always work properly anyway. A reference RX480 is either more severely reduced by power throttling (to max out at 150W) or it exceeds AMD's claims and the PCI-E spec and is still reduced by power throttling (to max out at ~165W). Daft. Should have just called it a 200W card and sold it on price/performance. Without the power throttling imposed to create an artifically reduced power draw, the card's performance would be increased but the price wouldn't, so it would be pretty compelling on that basis.