You're focusing on one thing, SMT, its not the only teething problem Zen has, do you think there is some sort of "game extension" that AMD is weak with? no.... the IPC is there in everything but games, there is no hardware reason why a CPU should be as good at productivity but fall behind in games only, if there was it would not beat the 6900K in both integer and floating point.
The only thing i can think of is some issue with the communication between the CPU and PCIe lanes, that would cause draw call latency which will reduce gaming performance, its likely given that this the first desktop CPU with SOC PCIe controllers and perhaps motherboard vendors need more time to understand the miscrocode.
Whatever,it is KL is like 33% faster,and in the forum test I saw,despite the chap who had the R7 1700 overclocked to 4GHZ,and tried every trick which has been suggested to improve performance,it didn't do much. The worst thing is that a SKL Core i7 when overclocked and with 3000MHZ was over 50% faster. It sadly fits with one or two other results I saw too. The problem is that the tests they did were not the most intense part of the game either.
It might be something iffy with the BIOS on current AM4 motherboards or even a memory controller issue,but honestly I am getting fed-up with all these AMD launches were you live in hope at better performance since they rush out hardware without proper firmware or software support - only three weeks to get BIOSes ready is an ****** joke. If this was something one-off I could understand,but again and again the same story. This is what will happen with Vega - there will be some problem,and all of us will say,but,but it will be fixed in a few weeks or months.
The worst thing is Intel is probably having a massive sigh of relief - they needed something to not be right during the launch to claim a victory,and AMD pushing Ryzen out half-baked has just given them some breathing room. This is the same thing with the R9 290X launch - AMD had to use the world's worst stock cooler on their highest TDP single GPU card in years,giving Nvidia a chance to exploit it. An R9 290X with a proper stock cooler,would have made Nvidia look in big trouble.
Yeah,I will give it some time,ie,a few months but TBH,especially since mini-ITX motherboards will take some time to be released,but if it takes that long I might as well not bother since Mass Effect:Andromeda will be out anyway,and I estimate my CPU should be enough although not top dog.
After that,I have no games I really am interested in to change the platform this year - this is why I might as well see what Ryzen 2 and Coffee Lake bring to the table.
If the Zen APU is out before Ryzen 2 and has uarch improvements I might just get one of those instead.