So post-release mayhem seems to be dying down. My own takeaways after the release are:
1) It's much less than I expected, as was hoping for something almost at 390X level. I think AMD marketing is to blame as the "revolution" turned out to be just a "good deal". Not that the card is a disappointment, but far from the "wow" that AMD lead us to believe...
2) ...which is the second point: the 480's strength is that at this price it's pretty much your only sensible option, especially when any 390 stock is gone, nothing else will make sense (especially considering future-proofing things like RAM and DX12 performance).
3) GTX1060 around the corner, rumoured around £250 and faster than the 480. I think AMD purposefully timed the partner 480s to be released around the same time. Their main concern with the reference card was to keep power under 150W, which is holding the card back, so partner cards will definitely give the 1060 a run for its money (and again there will be the DX12 and RAM concerns in play).
4) There's very little improvement in DX11 apart from shielding the 480 from stuff like meaningless tessellation, with the primitive discard accelerator. So nothing is "better" in GCN4 in that regard, it's just that the tricks that used to make GCN look worse than it actually is will no longer work.
In conclusion, it's a good card. I think the best one to buy at this price. BUT: it seems to me that AMD are dead-certain this time around that DX12 will shine next year. And I'm pretty sure Microsoft has something to do with this.
AMD has been relatively modest in advertising the Vulkan API which I'm slightly disappointed about. It would really open up the competition to all, across all platforms.
It seems to me that the real 500 pound gorilla behind the scenes is Microsoft. They're dead-set on getting DX12 rolling and have build all their strategy around it. What Microsoft wants, it gets...
EDIT: A fifth point is that Pascal is still more power-efficient than GCN4, even though the gap has closed quite a bit. On the other hand though AMD is ahead in idle power consumption. This is quite important for laptops and is probably why "non-gaming" laptops seem to be going for Polaris cards. I still expect brands like Alienware and Razer to go with NVidia solutions.