This is a picture of the Fiji GPU is now shipping in the AMD R9 Fury X, Fury, and Nano video cards.
Those 4 bumps surrounding the big GPU in the middle are 4 stacks of HBM (High Bandwidth Memory). 1GB of memory each, and 256 bits of bandwidth each. Everything there is sitting on a massive silicon interposer, which routes all of the bandwidth "wires" to and from the GPU in the middle. So those video cards end up with 4GB of memory and a 1024 bit wide data bus.
HBM is very slow, but very wide memory. And since it is physically located so close to the GPU, it can function on very low power.
HBM2, which will be used on next years video cards will be able to have up to 8GB per stack and as little as 1GB still. So video cards next year will have as little as 4GB of memory, and as much as 32GB of memory.
GDDR5 was very fast, hot, and power hungry. But the problem was that it was creating major power (and heat) problems for all video cards, not to mention eating so much space, that they were not going to be able to keep expanding the memory on video cards. Something had to give. HBM is the replacement for GDDR5. It runs very cool, and saves tons of space, which means the video cards will be much smaller than the older ones.
Important specs of a GPU? Memory, bandwidth, and processing units. It takes all 3 of those to be able to process today's games fast enough to be able to enjoy them.