So spending more on the CPU means I can spend a bit less on a "higher CL" RAM and not notice the difference in performance of the slower RAM?
Yup, 3d cache essentially makes RAM latency pretty much a non-issue. It's as if you had RAM with no latency and near-infinite speed. You're going to run into use cases where RAM speed and latency will matter, in particular if something uses up all of that CPU cache and is needed asap, but in gaming this is going to be pretty rare and usually inconsequential. You can get the G.Skill 6000mhz CL36 kit and be set for long years.
So which side is "winning" right now? The consumers, who have a seemingly small portion of users that refuse to buy any new offerings from any manufacturer until prices improve for them? Or AMD/Nvidia who don't feel the pinch at all of releasing subpar offerings and either get consumers to still buy them or get people doing AI stuff to buy their GPUs at a wholesale level and still line their pockets?
The consumers are losing. The GPU market is a mess. I guess Intel? There's an opening for them to claim a decent spot in the lower mid range and low end.
Nvidia has DLSS, which is great if the games you play support it. With it you can get a lower end card and get the performance of a high end card without dlss, without much of a difference in graphics quality. It could also add to the longevity of the GPU, though you never know with Nvidia, as they can introduce a new version of DLSS that won't run on older GPUs. I wouldn't be surprised, as they're known for assholery like that.
Otherwise AMD is better value, especially if you buy last gen cards.
I'm skipping this generation, as AMD and Nvidia are both milking people, and the value is just horrible. I'm still very happy with the RTX3080 - I think it's the best value card since the 1080Ti. It's still better value than the 40 series. I was happy I managed to get it right after launch. If I had nothing and was forced to get something today, I'd probably look at the 4070 or maaaybe 4070Ti (though it's severely overpriced, as you could have had that performance for that price for over 2 years now with the 3080). Because the 4080 feels like a scam.
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