IMO, the worst factor is the die area used for embedded RAM that could have been used for more execution units. That's why the PS4 gets 50% more GPU compute units and twice the ROPs.
If the XBone had the same amount of CUs and ROPs as the PS4, it would probably get the same results, but its SoC is already a tad bigger than Liverpool..
I don't think that the die area used for the esram would automatically have been used for additional CUs if the esram hadn't been there. The opposite, actually. I think MS knew the power level they were targeting before they specified 32MB of esram, and this seems to be backed up by the leaked concept documents from a few years back.
Without the esram we'd simply have had a smaller chip and a more expensive memory subsystem. If MS had been targeting a more powerful system they could have gone for a larger chip even with esram as it's well below reticle size - the added cost of the die area may have balanced against saving %50 on external memory bus and chip count.
It's the cost of getting the bandwidth whether that's from embedded memory or external memory that matters IMO.
I'm still hoping that down the lane both Microsoft and Sony will be able to switch their memory configurations and use newer technologies. Sure, trying to make a perfect fit into the timings might be hell, but it would pave the way for getting the consoles really tiny and even achieving a handheld version.
Yeah, I'm interested to see if they can change configuration. Sony are in a pretty good place at the moment with only 8 chips and a smaller board footprint, plus GDDR5 8-mbit chips will be in use for years to come. If they wished they might even be able to go with a single 8GB HBM2 stack, and save on power and shrink the board right down. If anything, the reduced latency should make a transfer easier, I guess.
MS are stuck with 16 chips over a larger board area, and DDR3 is going to be in decline. DDR4 has higher latency, at least going by JDEC standards, which might make transition difficult. HBM2 would seem to be overkill, unless they also replaced the esram. But if you were going to re-engineer to that point you might as well release a new console.
I don't think we'll ever see current systems in a handheld format, the power gulf if simply too large even with optimistic power scaling below 10 nm.
What does this mean for Nintendo? I think DDR4 (possibly with some embedded ram) or GDDR5 are most likely. DDR3 is simply too old and slow and HBM2 is likely too new and expensive. I guess this speculation would be far easier if we actually knew what form factor(s?) the NX is going to come in!