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Recently built a computer with GTX 780..

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Don't worry about it - you still have one of the most powerful cards available on the market today. Yes, it consumes more power to provide that performance than the new generation of cards, but - you're on a desktop - power consumption doesn't mean all that much except a slightly higher power bill each month.

If you happened to have bought an EVGA card, you could always look into their Step Up program ( http://www.evga.com/support/stepup/ ) and see if you qualify to trade in your GTX 780 toward a GTX 970/980. I'm not aware of any other manufacturer offering this kind of service.
 
A few months ago built a computer with the GTX 780 and a i7-4790. Been playing games just fine on a 1080p monitor. Before I built this computer I used to play games on a very old and slow laptop. It barely ran newer games at lowest setting, most games lagged no matter how much I tweaked the graphics settings.

Did I make a mistake getting a gtx 780 now that the 980 came out? I will be happy as long as I can play new games without lag (even at lowest settings). Will my gtx 780 last me four or five years?

If you don't have a good reason as to why you didn't go for cheaper R9 290, then its totally your fault and you asked for it.

Next console generations are rumored to come more frequently. Seeing how Xbone falls behind ps4, I expect MS to rush things out.

I expect that your card will run all games for current console generation without any problems. But if we have a new generation in 3 years, that brings 200-300% performance increase, your card will be obsolete.
 
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