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It depends with what chip.
If AMD's flagship chip only gets as fast as a 6700K, then it's meh.
Well AMD did compare it to the 6900K in one benchmark right? If performance falls between the 6700K and the 6900K at the £300 price point then that will be a winner as well from a price/performance perspective.
Time will tell I guess. But more interesting than the previous Bulldozer and Excavator announcements that's for sure.