No SFU is my personal opinion, haven't really seen any leaks or anything indicating it though, so it might be a unsafe assumption. But otherwise it looks like the SMs should have similar efficiency, just 3x32 alus instead of 3x16 but with no hotclock instead. That should not affect efficiency at all (compared to the gaming Fermi chips - GF100/110 should be more efficient though I'm not convinced it's really all that much at least for gaming). Pretty sure if the "effective simd length" (dropping hotclock doesn't change this) would have changed there would be whitepapers floating around due to the implications for cuda...But probably less "efficient" due to rumored double SIMD length at 96 (3 times GF100..) and no SFU.
I think at this point the "fat SMs" (with even twice more alus, with lots of implications for scheduling etc.) are out of the rumor mill.
Dropping SFUs (if true) would imho not really have that much of a performance impact (which is why I suggest dropping them in the first place...) though the transistor savings wouldn't be that huge neither (as you need to integrate some logic for performing special functions into the normal alus).
(The other reason I think dropping SFUs would be a good idea is because of dropping hotclock/doubling ALUs the SMs will get slightly bigger - and since the number of SMs should be doubled too that's probably a bit too much die area for all these SMs, hence drop SFUs to compensate for the increase due to dropping hotclock. And it might actually be easier to integrate the logic needed for special function operations into non-hotclocked alus, though I've no idea there really.)