This is IMO not true: the GPU bandwidth even in the 2012 rMBP iGPU was greater than the requirements to scale to the required resolution. The problem was Apple's old graphics architecture and worst-in-class GPU drivers and OpenGL pipeline. Apple's OpenGL performance lags even open-source Linux driver implementations programmed by volunteers (see the numerous Phoronix benchmarks)!
The fact this is so much better in 10.11 should be significant evidence that the problem was with software not hardware! Apple dumps their terrible OpenGL implementation = most people saying how fast El Capitan feels on first generation rMBPs (which is what i have too).
Re: GPU bandwidth, there's enough bandwidth for the default Retina mode but bump it up at higher scaled resolutions, there's not enough to do everything in real time to avoid stuttering and lags. Anand did a technical analysis (a well respected technical analyst that Apple also hired) and reported that scaling itself was eating up a lot of the resources that even modern desktop GPU couldn't consume in real time. Rendering a static desktop is not the same as rendering a dynamic 60fps desktop with several animations effects and then downscaling it to fit the panel (we're talking about rendering 3840 x 2400 resolution at 60FPS and downscaling it in real time on a mobile chip). It's like running a 2012 vs 2015 games with several effects turned on the same GPU, there's only so much work it can do in a single frame and the more work it has to do, the more it struggles to keep the same FPS. A faster GPU would have more headroom for the 2015 game to do its stuff.
Compare a rMBP 2015 13" with iGPU vs rMBP 2012 with dGPU, you'll see more lags on the 13" than 15" running the same OS X at the higher resolutions (I did). I also turned off transparency and turned on dGPU all the time, this made a huge jump in consistency with the animations and such.
El Cap is much faster because Apple is doing less work (Mission Control is using less effects), optimized their under the hood frameworks and drivers like you said, and so on. Yes, this makes it seem like a software issue until you bumped up the resolutions and the problem is still there, only at a reduced level.
I still see a LOT of stuttering and lags in the highest scaled resolution on El Cap DB5 on rMBP '12 (clean install as well). I'm willing to bet that if Apple put a nVidia 980M chip in there, it'd almost eliminate the lags at the highest resolution.
Again, I'm not saying hardware is the sole cause. I'm saying the reason for the lags/stuttering is because Apple is doing a lot of stuff at the same time that its GPU can't run at 60FPS consistently. Unless Apple switches to Microsoft's scaling model or eliminate animation and effects in OS X, there is only so much they can do with the bandwidth the GPU has.
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