When companies say that their new SoC will be X times more powerful and Y times more power efficient they never mean those two things at the same time. If they actually imply this it's some marketing person screwing it up. Usually they're careful not to.
The claims also tend to be pretty vague, especially the power consumption ones. And often end up being just plain wrong. You shouldn't take them that seriously.
NV's claims I've read stated that T4 will be between 3x and 4x times faster compared to T3 in graphics applications, which sounds quite realistic given the unit amount increase.
I expect that all four of Exynos 5 Octa's Cortex-A15 cores running at even 1.7GHz will be too much for a phone to bear. That'll probably use over 5W just for the CPUs, unless the bins have much better characteristics (I doubt the 28nm process has strikingly better power consumption vs the 32nm one). So I don't think you'll see that clock speed unless some cores are turned off, maybe all but one.
Samsung's upcoming SoC is obviously OT here, but for smartphones I wouldn't expect all that much difference in GPU performance between the octacore and AP40 (the winner by a slight margin would be rather which of the two has the higher final frequency). What'll be truly more interesting will be power consumption characteristics and that more on the CPU than on the GPU side of things.
In a 4+4 big.LITTLE config it'll come down where exactly the four A7 cores come into play exactly.