It's a better 4 stage design than the 3 stage VCore VRM in the Pro4 but reports are 3 FET's (2 lo-side, 1 hi-side) in the VCore. That's unfortunate to hear but not necessarily 'bad' depending on the parts used. Hopefully the same ones they use in the Pro4 which are pretty good ones and what makes that 3 phase VRM so good.
I'm also not sure of the heatsink...looks massive enough but does it have finning to dissipate heat? That plastic shroud covering the I/O connectors and half the heat sink would have to go in order to assure air flow in the area.
I'm not willing to say it's on par with Tomahawk--or Mortar--or even the Pro4 just yet but there has to be a reason they are bringing it out now, getting close to the Ryzen 3000 release.