"After lagging behind with Vega desktop GPUs for a few years, AMD announced a major upgrade today: the Radeon VII, the first 7nm GPU for gamers."
You could argue that, with this launch, AMD is still lagging behind by just as much as the Vega 64. When Vega 64 launched it was more or less equivalent the a GTX 1080 while being well behind the 1080 Ti. With the Vega VII, AMD is in exactly the same situation. They seem to be close to the RTX 2080, but well behind the RTX 2080 Ti. So they haven't really gained any ground here, other than the fact that NVidia shifted the pricing structure up. So now they are on parity with a $700 card and trailing a $1200 one, vs $500 and $700.
"Its new architecture means it won't use up too much power, leaving plenty of room for overclockers to take it even further."
It looks like the TDP will be basically the same as Vega 64, so it will still use more power for the same price as NVidia. Granted, not by as much, since NVidia's tensor cores raised power consumption, but all in all, it is a very similar dynamic. At least AMD is maintaining pace, as opposed to falling further behind as they did between Fury and Vega.