I thought the 12GB 4080 was further behind the 4080, maybe I'm not remembering correctly.
The 12 GB 4080 seemed close to the 3090 Ti @4K (given Nvidia numbers). The 7900 XT is on par with the 3090 Ti @4K(Techpowerup).
Seems like 4070 Ti and 7900 XT will be close.
If it's the same price the 4070 Ti will be close in performance with much better efficiency and maybe slightly better RT.
If the 4070 Ti is cheaper it should humiliate the 7900 XT in reviews. I'm hoping we do see Nvidia lower the price, but the fact that they might not have to is sad.