It's better because 400w+ is dumped outside your case with 780 Reference, whereas with 780 Lightning OC 700w is dumped inside your case and recycled through your cooling solution.
Outside of very well done case airflow 780 Reference is by far the best cooling option available, followed by reference 290. Yeah, I'd rather have two reference 290s than two aftermarket 290s. I had two TF3 7950s in an open bench and without putting a 120 on top to push down and out air from between it was a completely impractical setup.
This is exactly what Reference cards were designed for.