Now, the question is, can the 970 compress data enough to offset the gimped 512MB? Some data isn't compressible (or has varying degrees of how much it can be compressed), designs that rely on compressing data have a hard time when dealing with the other possibility (as an analogy, Sandforce anyone?)
The 290x presumably already does the same, to a lesser extent than the 285... yet has 4GB of memory properly connected to its memory controller, with uniform bandwidth available to the entire 4GB "block". Now, are those 4GB of physical ram capable of holding as much data as the 970's effective, physical 3.5GB, taking into account all the bandwidth savings on both sides? You can't quantify or prove what you're saying, none of us can. That would probably be nvidia's marketing on Maxwell's memory compression capabilites you're citing here.
Spin it the way you want, the 970 has less available, usable, memory at full speed and sadly that's how it is. Unfortunate for a card as fast as the 970, but inevitably, sooner or later, it'll become a bottleneck, the gimped 512MB part will be used by future games as room for their richer assets, triggering that going back and forth between both memory banks, creating stuttering that *now* can be seen in extreme cases (some not as unusual, modded skyrim for example)... and that will be the 970's downfall. NV has already stated they aren't working on a performance driver to improve the 970's memory handling, at least until the next driver it'll stay like that.
Nvidia lied, and sold a product that wasn't and isn't what it advertised.
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Going back on topic, AMD cutting prices on its 290x, makes it an incredibly good deal over the 970. Custom 290Xs are faster than most 970s which aren't too factory overclocked, run cool and quiet (70° and about 40 dBA), and require just 50-60w more than the 970. 50w aren't gonna break anyone's PSU or electricity bill... and if you buy two of them for >1080p gaming as many have done with their 970s, you won't run into vram limitations and stuttering.
Again, the 970 is a fine card for 1080p, the question is for how long... if games like dying light are to become the norm for resource usage in the future.