Is ARES irrelevant? Given, it's an extreme deviant from OEM design. Regardless, ARES is the most powerful graphics card on the market today. If this card releases and beats ARES, do we have a new single PCB champion? In raw terms, yes.
Either proves relevant or not simply based on perspective. If we're looking for raw performance numbers regardless of their deviance from OEM design, then hell yes they're relevant. If however, we're looking to evaluate ATI's or nVidia's ability to design a good GPU, then perhaps not.
With either card, it's about braggin rights. Asus wants to prove they can build it; select consumers want to prove they can own it. At the end of the day, it still comes back to who designed a good GPU; and that goes back to reference design.