8 shader units with 20 alus in each = 160ALUs @ 550mhz = 176GFLOPs + 24gflops+ of fixed function shaders
Update: sorry I wasn't here to post earlier, the 176gflops is probably correct, since this part does seem to be vliw based. However there is almost certainly at minimum Hollywood inside this die as well considering how Wii u handles backwards compatibility. @550mhz that would give Hollywood 24gflops. Fixed functions are far better at doing their job than programmable shaders, but can do little else. It is more capable than 360, but it is impossible to really compare beyond that.
update 2: the more I research AMD GPUs, there is the possibility that it is using more ALUs in each SPU, if it was based on VLIW5 R700, it would in fact be 176GFLOPs, but it if was based on something like Trinity's VLIW4, it would be 32 ALUs per SPU, leaving it with 282GFLOPs, and if it was based on VLIW5 still, but a custom chip, it would have 40 ALUs per SPU like some people are speculating, leaving it with 352GFLOPs. Hollywood is likely still along for the ride, and that leaves it with 24GFLOPs+ of fixed function shaders. Sorry for jumping the gun, I was unaware that VLIW5 had chips with 40 ALUs per SPU, 20 was the norm.