In recent years the use of VRAM has actually spiked really high in such a short time. Knowing that Pascal and Polaris should allow for even more players to achieve a good 4K and VR performance for more reasonable price - 8 GB won't be enough, and I don't think 8 GB of HBM2 memory will change anything, because in that case it would mean that system requirements of games for VRAM would drop a little bit in numbers, but that has never happened before, it only goes up. So I think that if they'd stay with 8GB or 12/16 GB of HBM 2, developers would quickly start creating even more, better looking, unoptimised games, just to pointlessly get the full use of it. And if it's really so much faster than GDDR5 or GDDR5X, then it'll be the end for both very soon.
Knowing that at the end of each generations, the high-end card usually ends up being a recommended card, in this case GTX 980 and 980 Ti has already been listed for recommended or ultra specs in a few games, means that GTX 1080 will reach that point before Q1 2017. In that case the card probably won't be any faster than 980Ti even with GDDR5X, or the requirements will jump up that much. Of course that could be the case only with stock speeds, as overclocking capabilities are still unknown.