I will refer you to my post above (#9) asking about the "power gap". One of my issues is my computer is on for 10 hours everyday even without gaming and the RX480 seems to chew through triple the power for multi monitor setups which negates any short term price difference in purchase price to the tune of around £12 p.a.
Now it isn't the quantum per se it is the fact of inefficiency. I could be less annoyed if it because of additional hardware overhead giving longevity as asked about in the post #9 above. £12 per annum is cheaper than a new GPU after 2 or three years.
It's exactly this, GCN architecture has a lot of hardware onboard that simply goes unused in DX11 as it's not setup to utilise the command system of DX11 efficiently, AMD played the long game a d hedged on people utilising their hardware sooner, it never really happened for DX11. The hardware still requires power for the gpu to work and that power is effectively wasted.
Nvidia has not bothered with a lot of these hardware features and setup their hardware for the here and now, this has let them be a lot more streamlined and efficient for DX11 and require Less power as they dont have the hardware onboard wasting it.
However this does mean their dx12 performance and Vulcan is not as great as they have to tackle it with software only where as AMD hardware gains an upper hand, as their hardware finally gets to stretch its legs and the results speak for themselves mostly.
Nvidia ultimately will have to design these features into their hardware or lose ground on AMD cards, which means they will become less efficient as they add extra hardware that requires power.
I will say look at Polaris vs Pascal in DX12 and Vulcan, if we compare the 480 to the 1060 you will see the 1060 wins most DX11 and uses less power, the 480 reverses this trend mostly in DX12 and especially in Doom Vulcan, although the power remains higher on AMD. You are probably correct you say ultimately it will even the playing field once Nvidia build for DX12 their efficiency will take a hit but performance will improve.
As far as I can tell Polaris is the first true DX12 architecture, Pascal is still designed for DX11, Volta will probably be Nvidias first DX12 focused Hardware, but I expect Vega to be out before then and that will brute force close the DX11 gap and widen the DX12 gap