They didn't quite say that. They said they were underwhelmed with Tahiti (being AMD's 28nm in general).
If the 104 does compete with the 7970 then I completely agree with them. There is no way that 104 should come close to Tahiti, as Tahiti is AMD's "Balls out all out" 28nm.
104 is not Nvidia's, their high end stuff comes later in the year. If 104 does beat the 7970 then they were right, Tahiti is indeed very underwhelming considering 104 is Nvidia's cheap stop gap until the big guns come later in the year.
What we do need to find out (and we will, sooner or later) is just how much of Tahiti AMD held back for a rainy day.
Because they literally could have opened just enough of it up to get a commanding lead over the 580 and saved the rest for later.
Which is not very nice, so they better hope the 104 doesn't trash the 7970 as it will make a lot of AMD owners see AMD in a different light.
Essentially nothing you've said there is correct.
Tahiti isn't AMD's 28nm, it's the 7970/7950, 7970 is not AMD's balls out 28nm, GK104 is almost the same size and most certainly the same "ballpark" area in terms of diesize and general speed target. Nvidia's "balls out" core will be over 500mm2, tahiti is just over 350mm2, gk104 just under, Pitcarn/gk106 are both significantly smaller. If Nvidia can come close to AMD finally on performance/mm2, there is no reason AMD should be miles ahead with a similar die size.
We'll have to see where GK104 ends up, if it has stuff stripped out of it and isn't designed for top end compute performance while AMD's is, then realistically a similarly sized core with compute vs a core without shouldn't come that close in performance. In reality the gk104 is unlikely to have much if any compute functionality stripped out.
GK104 isn't a stop gap, its a card, nothing more or less, its out first and the big one is out late, its not a stop gap, the bigger one won't replace it which is what "stop gap" would suggest. Likewise Tahiti isn't underwhelming, even the best case scenario rumoured doesn't have GK104 much ahead of Tahiti at a similar die size.
As for how much of Tahiti AMD held back, they didn't they can release a higher clocked version and they did likely bring it out at lower clocks to not be too high power and they likely will release a new version(or an 8series) near "big kepler" which will increase performance by increasing power usage.
ALso no, they couldn't literally have just opened up enough of Tahiti to beat the 580gtx. No one makes a 360mm2 core, to have any less than the maximum amount possible of it working, because they'd MAKE MORE MONEY by making smaller cores with nothing disabled, and yes, they'd upset every customer who bought one and later found out. It's why(massive problems aside) no company has ever done that on purpose, its just flat out stupid.