You think the clock speed will be higher than that of a 6800XT by enough for that and the faster memory to make up for a 20% lower CU count?
And 33% more CUs.
So it will beat a 6800. But will it match a 6800XT, which will probably be the closest competitor in price?
It will mostly be competing with the 6800XT. At the same price as a 6800XT it would be a better buy. But the next model up in the range is £800+ and that's not the top model in the range so halo pricing doesn't apply. £500 to £800 is a big jump from 3rd place to 2nd place.
If TPU tech DB is correct I expect the 7800 to slightly beat the 6800 XT for about £550 (which is a crap price but better than Nvidia). The 6800 was ~15% slower than the 6800 XT and the 7800 has the same specs as the 6800 on a newer process and architecture and has a lot faster clock speeds. Clock speed increase is rarely linear so a 7800 about 20% faster than the 6800 is a reasonable expectation. That would put it at just under last gen 6900XT speeds and AMD will try to sell that as a win for consumers.
That would leave a ~20% performance gap and a ~35% price gap between the 7800 and the 7900 XT. This would leave too much room for an Nvidia GPU (the 4070) to sit without competition. So I suspect a 7800 XT variant in the future that would be hitting 6950 XT type performance and about 10% slower than the 7900 XT for about £650 (4070 prices). The 7900 XT will not drop in price and stay around the £750 mark and compete with the 4070 Ti.
Or to put it simply, AMD will be relasing what are competitors to the 4060, 4060Ti and 4070 at slightly lower price points. Similar to the 7900 XT vs 4070 Ti and the 7900 XTX vs the 4080.
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