somebodyspecial :
I could be wrong, but I don't see AMD (or NV) being massively bandwidth constrained TODAY or probably not next gen either when trying to stay above 30fps (we need more gpu). You don't get massive perf improvements from OCing the memory on anything due to us needing more gpu perf first to stay at 30fps when either of these matters.
AMD is wisely (FINALLY) going this route with ZEN. IE, stripping gpu crap, making a dominant high IPC cpu only dedicated to destroying Intel's pricing power for a while (catering to GAMERS who disable the gpu seconds after the build anyway - and these people buy DISCRETE), I hope they do it to GPU soon too.
HBM is not for current GPUs, it is for future GPUs. Making a PCB for a 512bits wide memory bus is expensive and inefficient, going HBM on package eliminates the costly PCB from the equation. This may not seem like an immediate necessity but at 14nm, you will have about four times as much compute in the same die area and that will require a matching increase in memory bandwidth that GDDR5 simply cannot keep up with. Think of the R9-390X as a proof-of-concept/experimental project: apply HBM to a product before it becomes absolutely necessary. As AMD said, HBMv2 next year will have twice the bandwidth, which means their first-gen HBM is likely being clocked very conservatively. BTW, if memory bandwidth was not a concern, AMD and Nvidia would not have bothered implementing so many techniques to reduce dependence on memory bandwidth, such as the new texture compression that enabled last year's memory bus redux. With more raw memory bandwidth available, AMD will be able to spend more resources on compute rather than memory compression tricks and associated overhead.
As for Zen, AMD's claim of 40% better IPC is unqualified. I would not be surprised if it turned out to be something like 20% better IPC for a single thread + 20% from simultaneous multi-threading. That would put AMD about on par with Sandy/Ivy Bridge i7 for IPC in 2016. On Intel's side though, Skylake is coming. Zen might sound good on paper but by the time it launches, it may do little more than claw back the additional performance gap Broadwell+Skylake created.
You say AMD cannot afford mistakes. Well, they cannot afford playing it safe either.