Im not surprised, i already had in mind that the 290 will compete with the GTX 780, and the 290X is actually competing with the Titan, even slightly above.
Nvidia may create a new Titan, and a 780 TI, so the 780 TI will compete with the 290X and the old 780 will keep competing with the 290, easy as that. A new Titan is needed because else the popularity may become terribly low at such a price, because the only spec the Titan truly is better at is the DP calculations, and not every Titan buyer is in need of it.
Surely, the non X 290 is the way better deal taking any factors into account (not performance only). There isnt only lower price at the cost of rather low performance (so price/performance is higher) but there is lesser potential for the creation of heat issues, so generally its a better balanced card at a better price. Going for highest performance is always sacrificing many other stats with a rather minor gain in performance. So, a non X 290 is definitely the way to go for a clear majority.
The 290 seems to be a shader-cutted and downclocked version of the 290X, but as long as the chip is binned a good clocked 290 may become a awesome beast with lesser heat issues. Although not easy to get a good chip because AMD will use weaker chips, unable to be clocked high or with full shaders, on purpose. Just a few may be of outstanding quality.