As HBM has been increasing bandwidth per pin, so has GDDR. Currently, you need to be packing 3 or more HBM stacks onto your interposer before you actually have more bandwidth available than a GDDR array. Any fewer, then you're still paying the premium for more expensive die stacks and fabbing an interposer, but not gaining any performance.
In terms of power consumption we can't really do an apples-to-apples comparison (Vega and Fury are far behind Pascal in perf/watt, but we don't know how much better/worse that situation would be without a non-HBM Vega to test).
In terms of PCB area, the advantage is present but not huge. Compare the Vega Nano mockup to the 1080 Mini:
(Alignment done visually using the PCIe card-edge and retention bracket screw. Don't use it to design a case!)
The height increases by ~7mm (though unlike Fury Nano, the Vega Nano has lost the end-positioned PEG connector), and the length by ~20mm, but the 1080 Mini is still the same length PCB as an ITX board. The Nano's cooler is smaller, but also rated to dissipate 40W less heat (150W vs. 180W). Depending on how well Vega scales down in performance as it's undervolted and downclocked (and by how much the finalised Vega Nano is cut down on-die), it may be that a more realistic comparison is a 1070, 1060 or even 1050Ti. The 1050Ti is available in a half-hieght form factor, though at only 4G ram (though at those lower performances it may not make a practical difference), but I don;t recall there being any 1070s or 1060s all that much msaller than the 1080 Mini (the stock 1060 is slightly shorter, the PCB being flush with the top of the bracket, but that's about it).