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Radeon R7 265 is a fast-middle-class Graphics Card based on the Pitcairn PRO core of the Graphics Core Next Architecture.
The Pitcairn PRO Core is a GCN 1.0 Core and was previously used on Radeon HD 7850. It offers 1024 Shader Processing Units, 64 TMUs and 32 ROPs, on a 256-bit memory interface.
Compared to Radeon HD 7850, the central unit runs at 900 (instead of 860MHz) and goes up to 925MHz, in Turbo Mode, while the memory clock operates at 1400MHz (instead of 1200MHz). Due to the overclock, the rated TDP is considerably higher and of 150W.
In terms of performance, it stands between Radeon HD 7850 and Radeon HD 7870.
The release price of $150 is what makes this graphics card attractive, as there are no major changes from one card to another but rather a new cooling system and overclocking out of the box, already offered in modified Radeon HD 7850 versions.