even on 7nm Vega20 is still in ~200W range
I've read that people got it down to 100W. Don't know if it's true but it's plausible. 7nm should allow cutting down power by a factor of 2, and a 56 CU GPU will take a little less power.
besides that an APU will always be a big step back in density and performance atm because of the much more proficient cooling required.
Consoles have always used big chips and managed to cool them effectively. HBM2 also uses less power than GDDR, so less heat to dissipate. If an Xbox One X can run 40 CU on 16nm, I see no reason why 56 on 7nm, at higher clocks, would be out of the question. The CPU is said to run at 2.7GHz, which is quite low, so could potentially contribute as little as 35W, or even less.
Obviously, this can't actually be Vega20 because the memory configuration doesn't match up at all
All that's needed is two HBM stacks instead of four, and it'd match. AMD had mentioned an 8GB Radeon VII in a test, although that might have been a mistake.
if 16GB then it'd need 8-hi stacks to boot as there can only be two HBM chips with that bandwidth), which they haven't indicated is the case.
The memory size and speed were on the CPU side, so I'd say that's some indication. Vega has been originally shipped with 16GB, so AMD would certainly have no problem fitting 16GB with two HBM2 stacks.
Personally it seems much more likely to me that the chip which already has mostly identical specs is the chip they're using for this product they're widely demo'ing, rather than a hypothetical chip which would require some really weird configurations to match up with the stated specs while offering little benefit over existing products for such a small scale initial roll out.
The problem for me is that the specs are confusing. I agree that it's the simplest explanation, and if Google is deliberately misleading here, it could easily mean by "16GB of total RAM" that there's 8GB VRAM + 8GB system RAM, and by "Up to 484GB/s transfer speed" that the VRAM has that speed and the system RAM doesn't.
Even then I'd still be hard pressed to explain the 9.5GB L2+L3 cache and 2.7GHz CPU speed. That's no standard configuration that I'm aware of.
A custom APU would allow enough flexibility in specs to take everything at face value. I think it could be low power enough to be practical.