The price of the R9 290X is pretty much the same as the GTX 970 now (which are starting to become more available).
Not even close. On Newegg, the cheapest 290X right now is the XFX Double Dissipation model. $350 - 6% off instant code ($21) - $30 MIR = $299.
The cheapest 970 is $350. No instant off code, no MIR, no free games. Nada.
I was looking around at at the big three (Newegg, Amazon, Tigerdirect) and the lower end for the AMD was $350/$360. Some have a $20 or $30 rebate "card", but that coming eight weeks down the road (if all goes well) isn't going to help you pay your credit card bill for the purchase right now.
What's the difference? As long as you get the money it's still in your pocket. I couldn't tell you the last time I didn't receive a MIR that I applied for. Some people hate them and refuse to send them in, but that's entirely their choice. For those of us who take the time to fill them out and keep a copy just in case, it's a no-brainer.
The games are nice, but it depends on if there are any you actually want or don't already own (Titanquest? Really?). When Toyota bought his GTX 970 it might have been less than an R9 290X.
At least they're offered. And even if you somehow can't find a single game in the Never Settle bundle that you care to play or don't already own, you can still sell the codes on ebay. The free games still hold some sort of value.
As far as the electricy cost goes, its true that its not that big of a deal, but the extra heat dumped into a small room while gaming is (at least in the hot climate where I live it would be noticeable from May to September). But again, all things being more or less equal why would you buy the less efficient card? Maybe if it had some brand specific feature that you want that.
Yes, in small rooms or warmer climates, the extra heat could be an issue. I ran into that years ago when I gamed in a small extra room in our house. During extended gaming sessions I would sometimes find it necessary to open a window. But as you said, the extra electrical cost itself is minimal.
All things being equal, the more efficient card would be preferable. But things aren't equal. The 290X is just as fast as the 970, but is $50 cheaper and comes with a free games bundle.