So, let's assume we're dealing with a M395X. 32 CU, 2048 processors, 723 MHz, 4 GB GDDR5, memory clock 1250 MHz (or higher?).
The Nano runs at 175 W, has 4096 processors, 256 texture units, 64 CU, an unknown GPU clock rate (1050 in R9 Fury), 4 GB GDDR5, memory clock 1 GHz.
Basically, if AMD/Apple would clock the stream processors at around 360 MHz, we should have the same output, but the power envelope is unknown. Next, if the R9 Nano 4096 processors run at the unknown clock rate, it sips around 175W. The other way around: If the R9 Fury X runs at 1050 MHz (with the same 4096 processors), it consumes around 275 W.
Speculation ahead!
The missing piece is the clock speed of the R9 Nano, because "up to 1 GHz" isn't a great claim to begin with. Looking at the R9 290X, the range starts at 727 MHz and ends at 1000 MHz - so let's assume the Nano has the same range between 700 and 1000 MHz. The around 30 % drop in MHz (coming from the Fury) results in around 36 % fewer watts the Nano needs. Assuming that the M395X needs around 125 watts (-29 %) we would need another 25-30 % drop in the MHz, resulting in a base clock speed from around 500 MHz (with the range to 700 for reasons).
So basically the MHz would be between the aforementioned 360 MHz assumption (for the same output) and the current 723 MHz claim with 2048 processors of the M295X/M395X. That would equal around 40 % faster graphics while keeping the same power envelope.
Am I missing something here or does it seem to be about right when making the point of a "R9 Nano Mobile"?