AMD is positioning them as rivals to the GeForce RTX 2070 and RTX 2060, respectively. So is Navi going to crater prices? Nope--or at least not initially. I suspect that AMD is afraid of a fab capacity shortage from producing a ton of CPUs and doesn't want to burn their allocation at TSMC by producing lower margin GPUs instead, nor do they want to offer GPUs at compelling prices and then have them mostly unavailable for months.
AMD did have some new GPU features to talk about. They have CAS, or Contrast Adaptive Shading, basically as their answer to Nvidia's DLSS. It looks fine in their sample pictures, but I expect that in more general gameplay, it will work about as well as DLSS. Which is to say, badly.
They also announced FidelityFX, which is a post-processing operation to increase contrast. It does avoid (or perhaps even fix) the DLSS problem of upscaling looking blurry. But I suspect that instead of restoring details, it will tend to fill in the wrong details, and then you get static or flicker as the image moves.
More interesting is Radeon Anti-Lag. AMD is claiming that in their examples, it can reduce the latency from input to images on screen by 15 ms. If it can do that across the board, then that absolutely is a killer feature that is worth paying extra for. Once you get frame rates high enough to look like smooth motion, reduced latency is the real benefit of going higher yet.
Color me skeptical that it will just flawlessly work with everything, though. My best guess is that it's a matter of game-specific driver optimizations, much like CrossFire/SLI. They didn't really have a lot of details of what it did.
In all, I came away thinking that the Radeon RX 5700 XT looks like an overclocked GeForce GTX 1080 in a lot of ways. And that's not entirely a bad thing if it means that AMD's schedulers have finally caught up to Nvidia's. But it sure doesn't look like a world-beater card that will tip the GPU market decisively in AMD's favor. If that's all that AMD got out of a move to 7 nm, then it makes me wonder if TSMC 7 nm is simply a mediocre process node for GPUs (which would explain why Nvidia seems to be ignoring it), if RDNA is a mediocre architecture that AMD is going to be stuck with for years (akin to Bulldozer), or if there's something simply broken about the early Navi parts that AMD can fix later.
I expect AMD to make a ton of money in the next few years, but it's going to be the CPU division carrying the company, with the GPU division just along for the ride. Intel absolutely should be shaking in their boots at the thread that AMD poses. Nvidia, not so much.