Why are you downplaying and mocking the importance of 4K? It's the next "frontier" of gaming, and making enthusiast cards with enough memory and performance to handle it is what companies should currently be focused on for their top end. nVidia has solidified their commitment with upping the VRAM on the 980Ti to 6gb and having the Titan X with 12gb. 4K simply consumes a massive amount of VRAM and needs these ridiculous numbers, especially going forward.
What's the point of releasing a $700-900 enthusiast card using HBM if it can't handle the resolution enthusiasts want to play at due to VRAM limitations? The use of HBM is entirely insignificant if it doesn't equate to real, tangible, demonstrable performance increases. If HBM has memory limitations at 4GB, then maybe it shouldn't have been on this line of high-end cards.
Further, you've been able to stick a full-sized GPU in an ITX case for ages now. I had a full custom loop watercooling system with a 780 Ti inside of a Corsair 250D over a year ago, and many other people do too. And there are even smaller cases that support full sized graphics cards, see the Raven:
http://www.silverstonetek.com/raven/products/index.php?model=RVZ01
Anyways, being smaller to fit in small form factors is "interesting" but not a selling point. Case manufacturers have already adapter their ITX designs to allow for full-sized GPUs.
What I want to see out of AMD is aggressive pricing and an enthusiast card that will convince me to skip out on Titan X and go for their offering instead. Which is still a hard sell considering their long standing driver/software issues and suboptimal Crossfire support.
I wanted to be excited about this announcement, but everything reported so far about the Fury line seems "meh".