Also is TB power only so you're extremely limited on power draw.
That is not TB power only. You can see the black power cable coming out of the box. The "PCI-e power only" is referring that the card is only powered by the power coming out of the PCI-e slot. The slot gets its power from cases power supply which is plugged into the wall.
TB could barely power a mobile GPU let alone a entry level desktop GPU.
It is a matter of relative power/"horsepower". While a 'entry' level ($60-100) desktop GPU card may be relative low power to some $350 GPU card. However, in comparison to a mobile GPU embedded inside a Mac it could easily be relatively more powerful ( and consume more power with less noise than a something equivalent trapped inside the Mac's case with those same volume constraints. )
For example Anandtech also did a review of the 7750 ( $100 )
http://www.anandtech.com/show/5541/amd-radeon-hd-7750-radeon-hd-7770-ghz-edition-review/2
Single slot, not "extra" power connections, and fan cooling attached to the card. Weighs in at about 75W.
A connection over TB is substantially less than the bandwidth of 16x PCI-e connection but this card probably isn't pushing much over 9-10 PCI-e lanes worth data across PCI-e. For example the DDR transfer rate on card is 4.5 Gbps. (
http://www.amd.com/us/products/desktop/graphics/7000/7750/Pages/radeon-7750.aspx#2 ) Yeah the max memory bandwidth is much higher but that is under perfect conditions.
The gap right now is relatively small over a "Cape Verde" based 7770M clocked about 200MHz slower on shaders and capped at 4.0Gbps internal DDR to fit into the "mobile" profile. (
http://www.amd.com/us/products/notebook/graphics/7000m/7700m/Pages/radeon-7700m-series.aspx#2).
The losses you'd take over TB with the throttle bandwidth maybe as high as 20%. That is perhaps as big as the 20% boost get by going to external-over-TB GPU. So for now it would be a wash...... at least on Macs with "top end offering" mobile GPUs and memory. For a Intel HD4000 box it is probably a net gain.
However, the real value difference would be cross generational. Where the next gen desktop card compares against the "fixed" mobile GPU in the Mac.
So relative to the AMD 6750M in the first generation TB MBP (
http://www.amd.com/us/products/note...00m-6600m/pages/amd-radeon-6700m-6600m.aspx#3) with its 3.2-3.6 Gb/s card memory bandwidth and the substantively even lower clock speeds on previous architecture... and the gap significantly widens. So even with the performance hit across TB can still "go faster than what is built in". Especially once most of the textures have been cached over onto the card.
The value prop isn't and never was implied that folks will be able to play the latest bleeding edge game at bleeding edge frame rates over TB. If the new card is 60% faster than the internal GPU, even if take a 30% hit over TB in some contexts, that's a next 30% gain. That's the value proposition.
Note also adding a bigger power supply to the external box would solve the power problem for even more power hungry cards. This MSI box passes on that likely to hit a much lower price point and match to the much more numerous Macs that are limited to iGPU only.
MSI's box is likely doomed in the Mac market if Apple doesn't put a "slot only power" PCI-e card in the upcoming Mac Pro revised configs. [ As noted in the Anadtech article the box only worked at the time when running Windows. ]
It would also saturate one of your TB channels so you couldn't run much else on it.
That's true. TB can't solve multiple 4x (or larger) PCI-e bandwidth problems at one time.