Others have given good answers, just wanted to add a different perspective. Here is my survey paper published in ACM Computing Surveys 2015 (its permalink is here), which compares GPU with FPGA and CPU on energy efficiency metric. Most papers report: FPGA is more energy efficient than GPU, which, in turn, is more energy efficient than CPU. Since power budgets are fixed (depending on cooling capability), energy efficiency of FPGA means one can do more computations within same power budget with FPGA, and thus get better performance with FPGA than with GPU. Of course, also account for FPGA limitations, as mentioned by others.
