I go by the last few generations. The RX6700XT was 33% faster than a 5700XT and the RX7800XT was 50% faster than an RX6700XT. The RX9070 non-XT apparently is slightly slower than an RX7900XT so probably is less than 30% faster than an RX7800XT. So generationally that is average,so the card can't justify a high price over £500.
The RTX4070 Super was readily available for £500 to £550 for the last year. So an RTX5070 with only 10% or 20% better performance than an RTX4070 Super is an RTX4070TI/RX7900XT and that is £540.
Also,as
@TNA can testify the RTX4070TI last year could be had sometimes under £600. The RX7900XT dropped to under £600 briefly and was available on deals at £600 to £650 for the last few months before Black Friday.
In the US market this was true too. So,in the end if AMD can't do basic market research and were surprised by the RTX5070,then they must be surprised by the RTX4070 Super too.
So either that report is not true,or AMD are not doing any market research. The Nvidia pricing wasn't a shock IMHO. RTX4000 series pricing was partially due to the glut of RTX3000 stock and the Super refresh helped adjust some of it down.
The same went with Turing.
If AMD are truely "shocked" at the "low" price of the RTX5070,I hate to think what would happen if Nvidia actually bothered to do a normal generational improvement.
Unless the RTX9070 performance is even higher than what MLID leaked,ie,RX9070 faster than an RX7900XT and RX9070XT faster than an RX7900XTX,the RX9070 non-XT has to be under £500. The RX9070XT can be around RTX5070 pricing only if it is significantly faster,ie,15% faster in rasterised for the same price.
Nvidia will do RT better and their software features are more developed. As much extra VRAM is useful,the reality is Nvidia will manage 12GB for the immediate future.