I've just noticed something on the HBM slides:
http://images.anandtech.com/doci/926...ctor_575px.jpg
The core die is smaller on the (possibly hypothetical) HBM GPU vs the 290X? It could just be that the images aren't to scale or are plain mocked-up, but if true maybe it implies either a second, smaller HBM GPU or that HBM saves a large amount of die space on the flagship?
The latter seems less likely though; memory IO does take up a large amount of die space but considering the rumoured increase in shader count, an overall reduction in die size seems unlikely.