I'm eager to hear what Sony have to say about Neo. There are many unknown leaving the TFLOPS figure aside. The system, has to have more than two shader engines to reach 36 CUs. With the release of Polaris we have now a better view about what the transition to 14nm brings on the tables wrt power consumption and performances.
Sony target for its GPU throughput sounds right. The bandwidth figures are low as the RX480 (with faster clocks but also faster V-RAM but the same 32 ROPs) seems to benefit nicely from memory overclock. With the bandwidth figure, 32 ROPs make sense (though I would favor 48 ROPs). Supposedly Sony stuck to 8GB of RAM and a 256 bits bus.
I see three possible set-up for the ROPs and the inner layout of the system:
1) 4 shader engines each consisting of: 9-10 CUs and 8 ROPs + geometry engine
2) 4 shader engines each consisting of : 9-10 CUs and 16 ROPs + geometry engine
3) 3 shader engines each consisting of 12-13 CUs and 16 ROPs + geometry engine
The PS4 is 2 shader engines consisting of 10 CUs and 16 ROPs + geometry engine
To me the layout that looks like the easier match to existing hardware is the choice number three. It is also in "line-ish" with the increase in memory bandwidth and measured improvement Delta Color Compression provides and it would allow the 48 ROPs to operate as well as the 32 ones in the original design. I would discard the choice 2 as the number of ROPs (64) does not ring true with the bandwidth figures we heard. The layout 3 would also allow the use of salvaged parts (disabling one shader engine altogether and some CUs in the remaining 2).
It could prove a much better design than Scorpio makes it looks, Rx480 is not 4K proof and power hungry, the performances Sony target are sound in the context of existing shipping GPU parts.