My summary: its a solid upgrade. The new GPU is essentially the desktop AMD HD7770 and while its not the latest or fastest card, it is a still a decent performer. For professional OpenCL assisted tasks, you will get speedups of up to 2.5x over the 750M. As far as gaming is concerned, it will run all contemporary games at 1680x1050 on medium/high settings and good performance. All in all, a much better GPU for all purposes than the 750M.
That said, it is not the best possible option. An Nvidia Maxwell GPU would provide significantly better performance at the same TDP. We can only speculate about what reasons led Apple to choose the inferior AMD solution.
Anyway, I bought the new model and I am not cancelling my order. It will be a great machine for the next 2-3 years. By that time, I hope that new generation of CPUs and GPUs, hopefully with stacked memory and other goodies will arrive.