Thanks to everyone who replied to me, that was helpful information and kind of what I was expecting. For a while I was quite excited about the idea of a 16nm node but it looks like the early GPUs will just be mid range attempts rather than something really nice.
The opportunity cost of holding onto a 980 for another year is too high. If you sell a 980 for $350-375 and put that $350 into a new $550 card, the new card won't drop much in the first 6 months due to lack of competition from AMD. Alternatively, it should be possible to sell a 980 and step-up to the 1070 for almost free or very little $ and 1070 should be close to 980Ti, essentially a free 25-30% boost in performance.
For 4K, I'd consider 1070 SLI over 1080 (if 970 SLI vs. 980 generation was anything to go by), but best bet is to wait for benchmarks.
This is actually what I was considering, possibly going for 2 cheaper cards, although if the 1070 isn't going to be terribly much faster than a 980 it's also possible that I'll just do what I did prior to my GTX 980 which is go from one 580 to 2x580's in SLI because the price had dropped so much. A 2nd 980 will be cheap as no doubt a lot will flood the market as others look to upgrade.
What are the rumours for a roadmap post 1080, is there some kind of Titan equivalent on the way which will really absolutely crush things like the 980 in performance? I might just wait, money is way less of an issue these days so just dropping the cash on a Titan equivalent for 4k might be less of a headache.
4k on an overclocked 980 is actually very playable, a lot of games you just need to sacrifice some of the high settings like HBAO, and you're usually good, I play most of my games in 4k now and it's really just getting the bells and whistles in 4k that will make the difference.
Kind of disappointed really this gen I had high hopes and given an unprecedented node shrink I would have expected better, we've been limping along with tiny upgrades every gen more or less since the 580 which is why I had a (never before) generational gap between the 580's and the 980 despite having the flagship card from every generation before then.