There is no publicly available optimized code for Equihash, so we don't really know to what extent it
is bandwidth or latency bound. There may be subtle trade offs between the two. We really need to see the memory behaviour of actual running optimized code.
Even once zcash gets around to publishing more optimized cpu and gpu code,
it won't be clear for a while whether further optimizations are possible, considering that the mining
algorithm is rather nontrivial.
I'm somewhat worried by this statement on their optimization page at
https://github.com/zcash/zcash/issues/857We don't have to do every possible optimization, but enough that it's feasible to run a miner with the right parameters.
Leaving optimizations on the table means that some miners will be able to run more efficiently than others.