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The performance is about the same so i would go w/ the 970 because it is cooler and uses less power.

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no

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They perform about the same, one pulls significantly less power from the wall doing so...and the other one should be cheaper.

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because of the 970s vram issue I'd say the 290x edges the battle just a little bit because of more demanding games that may require it down the line.

as it stands they're prity much level pegged.

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Depending on the site you find the review on, and the game and resolution being benchmarked, you'll find varying results. Most of the time you'll see the GTX 970 ahead by a few FPS (~6 at most). But as Badger906 said, and as you've probably already read, the 970 is indeed a 4GB card, it just accesses the last 0.5GB at a much slower speed; With the move towards higher resolutions and larger textures, this could definitely hinder the card's performance in the future. 

But as other's have said, by the time that a resolution high enough, or textures large enough to induce problems as a result of this segmented VRAM becomes commonplace in games, it's likely that the card will already be performing poorly due to an overall lack of required processing power. I've also read that the VRAM issues become more prevalent in SLI setups, manifesting as stuttering, but since I don't have the 970, I can't personally attest to this.

So, if you're only going to do a single card setup at 1080p, then the 970 will perform slightly better, but at a higher price. If you plan on doing an SLI/Crossfire setup, or plan on playing at 1440p or even 4k, then a 290x would be a better choice. But if you have a card that can hold you over for the next few months I would highly recommend you wait for AMD's 300 series release, supposedly in June.

 

TL;DR:

If your resolution is =<1080p, then the 970

If you'll being doing SLI/Crossfire and/or your resolution is =>1440p, then the 290x

 

For your reference, and for whoever else may care, here are a few different benchmarks comparing the 970 against other cards, including the 980, 290x, and 780ti:

http://www.hardwarecanucks.com/forum/hardware-canucks-reviews/67958-evga-geforce-gtx-970-ftw-acx-2-0-review-5.html

http://www.anandtech.com/show/8568/the-geforce-gtx-970-review-feat-evga/4

https://www.techpowerup.com/reviews/MSI/GTX_970_Gaming/6.html

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If you're in the US the prices are more or less the same.

 

It varies a lot.  I've seen 290x's as low as $250, but they did bounce up to the $300-350 range again.

 

Right now in Canada a 290x is around $440 and 970's are around $430.  (Thanks to the horrible CAD right now.)  :(

4K // R5 3600 // RTX2080Ti

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