TechPowerUp did some digging in the latest AMD Display Library (ADL) and found out that AMD is creating a new GPU dynamic overclocking technology similar to NVIDIA's GPU Boost tech. This new technology would allow the manipulation of GPU (and possible memory) clockspeeds, and voltages across multiple power states, taking into account processing load and temperatures.
With its Radeon HD 7970 GHz Edition and Radeon HD 7950 v2, AMD rushed out a feature it calls PowerTune with Boost. This technology follows an archaic method of granting all applications maximum GPU clock (or boost state), while scaling down to nominal (advertised) clock speeds in the event the GPU is overloaded, so most applications run boost state at all time, very few apps actually slow the GPU down. Effectively, this means AMD is setting the boost clock speed too low on current cards, probably being held back by its impact on power draw.
The technology we believe AMD to be experimenting with could follow a method more similar to NVIDIA's GPU Boost. There are no definite clock speeds, but ranges, and the boost clock algorithm instructs the driver to alter clock speeds taking into account load, power draw, and temperatures. Close reading of the API documents also reveal that AMD is working on a dynamic boosting technology for the memory clocks, something that's currently not possible on NVIDIA's products. With AMD GPUs, applying a memory overclock no longer cause the screen to flicker (at least not noticeably).