Simply put, from what I read Titan X is King.
R9 295X2 came out April 8, 2014 for
$1499 and dropped to $650-660 10 months from launch. Dual Titan Xs today cost $2000 but in 4-6 months from now that level of performance could be had for $1300. Next fall, a $500 14nm/16nm will beat the Titan X (recall $330 GTX970 ~ $700 GTX780Ti) as 14nm cards with HBM1/2 should bring a massive increase in perf/watt and overall performance. People have short memories but when R9 290 launched at $399, it made a FAR bigger impact on the overall market in terms of price/performance than a $330 970 did. Before 290 came out, that level of performance was 62.5% higher ($650 780). Usually AMD's 2nd tier cards (i.e., 5850/6950/7950/290) bring an incredible price/performance at the high end. I have little doubt that those who skip dual Titan Xs will be immensely rewarded by the summer time with a GM200 6GB/390 non-X.
The Titan X is a win-win for NV and its loyal customers. It lets NV maximize profits and profit margins for months until R9 390X launches and forces NV to release a faster clocked GM200 card. These profits help to fuel R&D for future NV products; and it lets enthusiasts, esp. those loyal to NV to have the bragging rights/benchmark records for months before any other competing card drops. However, in the grand scheme of things for 99% of the PC gaming market, the Titan X is a 'marketing/meh' videocard.
The PC industry moves forward when performance of cards like 980 falls to $299, and when a card 35-50% faster than an R9 290 is $450-500. A $999 single-chip card's appeal is so limited outside of semi-pro users and benchers, it might as well not even exist. At least the original Titan had a legitimate purpose - CUDA DP performance. That's why no matter what the hype is behind Titan X today, in 6 months, it'll be forgotten as another overpriced NV 'Titan marketing' exercise. The best part about Titan X is approximating where R9 390X and GM200 6GB will land. It also forms a solid basis for the level of performance of a
mid-range Pascal/14nm card 2016 (i.e., NV's next gen mid-range card tends to be as fast or faster than last generation's flagship). So look at the Titan X and imagine a $400 14nm card with that level of performance in 1.5 years from now

.
The one thing seems to have remained consistent since the slowdown of the GPU industry.
GTX580 --> 780Ti ~ 2X the performance increase in 3 years
HD7970/680/7970Ghz --> Titan X ~ 2X the performance increase in 3 years
Hopefully the move to 14nm GPUs + HBM2 will double the performance over Titan X in a shorter time-frame. I think there is a possibility that by March 2018, we might have a GPU more than 2x faster than the Titan X!
Point is you can have 4096Sps and only be 20% faster in average. Its not something impossible.
No, you cannot at high resolutions and 1.05Ghz clock speed per the leaked AMD slides. GCN scales nearly linearly and R9 390X will have architectural improvements from R9 280X/7970Ghz based on improvements AMD already made with Tonga. Add HBM, and R9 390X should be at least 2X faster than a 7970Ghz. That alone gets us to Titan X performance right away.
However, we know that Tonga improved pixel fill-rate where despite 1792 SPs + 32 ROPs, it has a
higher pixel-fill rate than a 2560SP+64 ROP R9 290, and likely higher than the 2816 SP 290X! That's an incredible in pixel fill-rate performance per mm2 / per ROP that nearly everyone keeps ignoring.
And an incredible 70% higher geometry performance compared to a 2816 SP R9 290X. That means R9 390X will have >
3X the geometry performance of an R9 290X.
Thus, a 4096 SP GCN 1.2/1.3 with 256 TMUs and 500GB/sec+ memory bandwidth should be
more than double HD7970Ghz at
high resolution gaming, which is WAY higher than 20% over a 980. If you want to cherry-pick low resolutions like 1680x1050 or 1080P, then sure it might only end up 20% faster in older titles but that's not an indication of the actual performance difference in modern games @ high resolutions.