I agree, that it's very underwhelming, but remember, they only got the silicon a few weeks back (much later than comparable Kaveri chips a year ago), so they haven't had much time to do prototypes.
You are right according to newest preview of Carrizo at CES by Anandtech today --
AMD apparently only received initial silicon back from the fab a few weeks back, and they already have a laptop up and running with the early hardware. In fact, not only did they have a functioning Carrizo laptop but they also had several other working Carrizo systems running Windows. Of course, last year AMD had Kaveri up and running and that launched about five months later, so were a bit earlier than that for Carrizo but its coming along nicely.
One of the features of Carrizo is full support for H.265 decoding, and as an example of why this is needed they had an Intel system running next to the Carrizo system attempting to playback a 4K H.265 video. While the AMD system was easily able to handle the task without dropping any frames, the Intel system was decoding at what appeared to be single digit frame rates. The 4K content was essentially unwatchable on Intel. Of course thats easy enough to remedy by adding an appropriate GPU that can handle the decoding, but AMDs point is that their APU on its own is able to do something that a high-end Intel CPU cannot do without additional hardware.
http://anandtech.com/show/8855/amd-demonstrates-working-carrizo-laptop-prototype