Took a minute to dig through those spec sheets. The board design actually seems logical if you assume low voltage and higher currents from the VRMs. P=IV so cutting the voltage in half doubles the current while keeping power the same. This is a bit simplistic, but gives an idea.
Going off these numbers the 480 is always attempting to maintain 80C in both Crisis 3 and FurMark. Based on that paper I linked above the card should start out running hot and slow until it reached 80C. Which it appears to be doing rather well. Once that point is reached in theory it would start reducing the voltage while possibly increasing frequencies. That part doesn't appear to be happening reliably. If it did adjust voltages, the whole PCIE issue would likely go away because it would be backing off that power wall. A 40% reduction in voltage with the same frequencies would drastically lower power by nearly two thirds and I doubt frequencies could increase enough to compensate for that.
Yes this seems really backwards from conventional wisdom, but it does make a lot of sense with the design we're seeing. Explains why they have a power heuristic, apparently over-engineered board design, and were marketing power efficiency.