Enough for what? 1080p? baking cakes?
It's certainly not 4k, which Nvidia have been utterly obsessed with since its inception because it has always left people wanting.
We're finally about to get two consoles that fill those needs and wants.
I just wish those consoles would come out sooner
Enough for what Nvidia wants to market the card as, and enough for what consumers should be educated by reviewers and the media to require. If Nvidia decide to market the card as a 4k/120 max settings card for all current and future titles, that would be foolish. And if you believe as a consumer that that's what you're going to be getting for £400, that would be foolish.
ID Software made Doom Eternal. Doom Eternal at 4k with the Nightmare setting enabled performs better on a 1080Ti than an RTX 2080 even though the 2080 performs better at 1080p and 1440p (but on average the 2080 performs better than a 1080Ti, even at 4k). This proves that 8GB is not enough for 4k with those settings to perform optimally in Doom Eternal. But does the game stop functioning? No, it runs fine from what I can tell.
But how many people are going to buy a 3070 and expect 4k Doom Eternal Nightmare mode to run perfectly with only 8GB? Are Nvidia going to market the 3070 as that? It's a midrange GPU that has been put into the shoes of a flagship (by Nvidia but mostly by the media and us), just because it's better than we thought it would be. The majority of titles do not require more than 8GB of VRAM right now, and I personally believe it's likely they won't for quite a while. That's my opinion based on what I've seen.
The consoles having more VRAM to pool doesn't prove it won't be enough. The PS4 has 8GB of VRAM that it shares with system RAM. Yet 4GB has been enough for the majority of games during its long life-cycle, even at 4k. The PS4 came out in late 2013. What was the first game to demand more than 4GB of VRAM? If you go back to the 980Ti reviews in May 2015 (so two years almost after the PS4 was released), the performance difference between the 980Ti and Titan X was tiny. Two years later with Pascal, games were still only sipping VRAM. I went through a bunch of games just now and all the way up until very recently, 90% or more of the games did not require more than 4GB of VRAM. Yet the consoles had more VRAM than that. That tells me that the instant console games are released, 8GB isn't going to be snorted and scoffed at. Even TPU with their Doom Eternal review recommend 8GB as the ideal VRAM amount.
Ultimately, if you want a 1440p/144hz or 1080p/240hz card for good money, I can see the 3070 being a solid option. If you don't fit into that category, you might be better off elsewhere. No dramatics. Just do your research and pick the card that's best suited for your needs.
Nvidia chose to offer the 3070 for 8GB for a reason. They're not idiots. They're not all foaming at the mouth for the next share price hike. I'm personally gonna wait and see what happens. But I don't think the card is gonna be useless come mid next year when a whole slew of next gen games are out.