I have a nagging suspicion Microsoft is not going to use the 480 in their machine. A 480 with a >1.2 ghz clock will be in a humongous box, generate PC levels of heat +, and will shorten lifespans of the machine considerably. Instead I see Micorosft going for a GPU with 8-10 more CUs than the PS4 Neo and keeping the clock rates at more conservative values. No one wants a mass product failure.
But to be 100% honest, if it's true that Sony and Microsoft are using the same part, it would be in Sony's best interest to increase the box size by a 25% and raise the clocks by a similar amount and take it on the chin. It will effectively make the gap small enough that it won't matter any more about "power differences".