Yeah, once the variability issues are fixed, the 290/290X will be great cards. I think there are multiple approaches to fixing variability - the one obvious fix which doesn't really need to be discussed, adjusting the powertune algorithm, and having better oversight of AIB makers as to ensure that this stuff never happens (ie ensuring they're using the proper release BIOS). By all accounts that is what nvidia's green light does and seems to have been pretty successful in terms of ensuring quality.
I think the issues can be fixed. That said, this still leaves a very sour taste though - I mean, despite what a few will state here, not everyone scans tech news daily for the latest tips and tricks on which BIOS to use on their GPU; most folks don't mess with flashing their BIOS. With that being the case I really hope AMD can step up their oversight of AIBs and quality control to ensure that these variability issues don't ever happen - it isn't hard to imagine there being a lot of folks out there who don't necessarily read forums, who bought a product that performs less than expected.
Basically, it can just be summed up in that AMD needs their QA to step it up a bit.