Depends. Are you only limiting things to reference coolers for some reason? Nvidia's are almost as hot and loud in that case. I wouldn't touch a reference cooler from either brand. If you mean the last great high end GPU that AMD made in general, it was Hawaii without question. The 290(X) still competes favourably with the 1060 and 580. Sure, it's a lot more hot and power hungry, but it's not like Nvidia's competition from the time was any different. It's just that nobody cares about the 780 Ti any more, because its performance nosedived off a cliff, whilst the 290(X) keeps on trucking.
Polaris was also a perfectly fine product for what it was/is. The PCIe power draw "issue" was massively-overblown even on the reference cards, and the third party ones just plain didn't suffer from it.
Oh i agree, Polaris is a decent product and the PCIE issue was overblown, but it does seem every release AMD messes up at-least one thing.
And anyone who thinks that Fiji, and even Vega were acceptable products at release is deluding themselves, this is from a Vega owner, they were massively overpriced at release, i said that when they released. At £400 the Vega 64 is an awesome purchase.
At £500 the Vega7 would be an awesome purchase, at their current prices.... No... sorry... once they drop down in price next year on specials to £500-£550 they will be a decent buy, especially if we get some aftermarket cooled ones.
Also after watching Debauers video, its clear the AMD drivers dont work with these cards in an overclocking capacity at all.... If AMD manage to address that, then these cards will look a lot better, and add in the AMD finewine over time, these cards will be a solid purchase in 1 years time.