I've owned both. The performance of the lightnings are definitely better be an appreciable margin - with an overclock its enough to be 15-20 fps faster in some games. The lightnings overclock way, way, way, way better.
Things to consider with the 690:
Voltage locked
Susceptible to kepler throttle at 70C
Gets hot when vsync is turned off
You won't get far overclocking
Going quad SLI IMO, is just stupid. Tri and Quad scaling is garbage - 2 is best.
Lightnings:
Much better OC headroom
You can disable kepler throttle
Not locked like other nvidia cards, just apply the proper BIOS
You do what you want but i'm telling you. The 690 was really annoying because when I tried overclocking it, it would without fail ALWAYS hit the kepler throttle threshold which completely ruined my OC, if not crash. Many times it would crash in the process of attempting any OC, whereas I can OC my MSI lightnings by 200mhz no problem at all. Bottom line is the 690 is worth it if you REALLY care about how cool a card looks without caring about performance, or if you don't want to spare another slot.
Quad SLI scaling is also a joke in most games. Don't bother. The noise is a non issue. You can apply a custom fan profile to the lightnings and it will be the same or better than the 690 in most cases - The 690 gets HOT. This means that if you want max performance - you need a high manual fan profile on the 690 which IS NOT quiet. If you play something like Crysis 2 or metro 2033 with vsync off for an hour its going to be mid 80s. That means you're in kepler throttle zone. That means your overclock is gone.
If you care anything about performance the 690 is the wrong move. But, if you care more about having a neat looking gizmo and having 1 less slot taken, get the 690.