If their performance claims are accurate, AMD has a huge hurdle ahead of it, as the rumour mill only had them drawing even with the 2080 ti with big navi.
I hope AMD can pull it off, as I am really hoping to make my first red box build. That being said, the performance:cost ratio of 30xx is mindbogglingly attractive (assuming the reviews back up NVIDIA's claims).
They found FPS increases of between 160-190% for a bunch of recent games featuring both RTX/traditional rendering, and about a fixed 190% in Quake RTX (which is exclusively RTX rendering).
On top of that - if you only care about 4K gaming then fine - but what if you're more of a 1080-1440p with higher refresh rate person?
Personally, I have a 1440p display that goes to 144hz. I'd much rather have 1440p @ 100+ FPS than 4K at 60 - but we don't know what these new GPUs will do.
Guess the benchmarks will show us.
They can't make it too much faster or have too much more RAM or it will threaten 3090 sales.