Whatever NVidia launch with first it will be faster than the 980ti/TitanX.
I believe that people are seriously underestimating the performance leap we are soon to witness.
If it is from high end to high end then we could be looking at a similar jump from a NV285 to original Titan (best 55nm part to first full fat 28nm part), that's over 3* performance.
If it is from high end to mid range then we could be looking at a jump from a Nv285 to NV680 ( best 55nm part to midrange 28nm part) even that is over twice the performance.
Now I am not suggesting that we will see 3* the performance, but to think that NVidia will hold back and only just sneak in with a midrange GP104 part that is only just faster than the currant 980ti is sheer madness (in my opinion).
Unless of course you think AMD will be doing the same, as I can pretty much guarantee you that both sides will have vaguely similar performance, just like they always have.
Dissclaimer ( this post is my own opinion and as such is probably complete nonsense)