A lot of you bashing on the 480 seem to be missing something, and that is the 480's effect on the GPU market and pricing. Here's another way to think about it.
Recall when the 970 was released. It was roughly 20% faster than its predecessor, the 770. And it came out at the $330 - $350 range. Suddenly top-shelf gaming performance didn't double the cost of a budget PC. There was absolutely nothing in that price range that came close to the 970's performance.
However, until the 1070 released a few weeks ago, the 970 cost the same as it did when it was released ( barring sales and rebates of course ). That's almost two years without any price drop at all. This has been a sore spot for a lot of upper mid-range gamers. NVidia blatantly refused to offer a 960 Ti or anything to span the $130 gap between the 960 and 970. They were getting too much margin on 970 sales to risk undercutting it. And they did their research well and found the exact price people were willing to pay a lot more money than they wanted to get a card that exceeded their needs to avoid getting a card that was just under their needs. Even the lashback firestorm of the 3.5 GB VRAM didn't sink the 970 sales.
Now, look at the 480 in the same light. For $200 there isn't a card that can come close to its performance. You're getting more than playable performance for 1440p for only $200. It utterly destroys the 960 while only using slightly more power. The 380 and 380X are now completely irrelevant as the 480 is faster, cheaper, and more efficient. As of right now, the 480 is to upper mid-range cards what the 970 was to high-end cards. Have you checked prices on the mid-range GPUs right now? The 950 is down to $130. The 380 can be had for $150. As was often said of the 970, this is incredibly disruptive in the GPU pricing scheme.
Of course, like the 970's 3.5 GB problem, the 480 also has a power draw issue. Arguably, that's a worse problem because the limited VRAM didn't mean the card might not work correctly on your mboard. Hopefully this is something that can be easily fixed in firmware and/or 3rd party PCB designs.
If it can, it's possible the 480 will see similar commercial success as the 970. Except while the 970 ran mostly unopposed ( unless you wanted a very hot, very power hungry 290(X) ), NVidia can still release a GPU that upstages the 480. I hesitate to say that will be the 1060, though. Look at the past X60 variants. The 560 went up against the 6870. The 660 (Ti) variant paired with the 7870 (LE). Direct generation comparisons get muddy there after the rebranding AMD did for the 200 and 300 cards. These were not cards aimed at upper level performance. The point of the matter is the 1060 would have to be faster than the 970 in order to beat the 480. The 960 was not faster than the 770, nor the 760 faster than the 670, so this seems unlikely based on past results.
If anything, the 1060 Ti ( if we see one this time ) would be the most likely card to do it. But until that gets launched ( and if the 480's power draw issues get solved ), AMD can claim the mainsteam and upper-mid level sales right now. And unlike the 970, the 480 is much more affordable so a wallet-conscious consumer doesn't have do much hand-wringing before buying one.