If still doesn't make sense. Someone who is buying 4 Titans could put them on a mobo with 4x PCIe lanes. The space argument doesn't work. The noise argument definitely doesn't work since 2x Titan Z is slower than 4 Titan Blacks so you are not comparing apples-to-apples performance. Then there is the fact that you would have almost $2,000 left over for waterblocks to cool the Titan Blacks vs. air cooled Titan Zs.
Worse, one could buy 2 watercooled 295X2s for $3k and have $3k left over for quad-SLI GM210.
The fact that we need 10 pages to try and come up with any reasons why Titan Z makes sense proves the card is a failure for PC gamers. Having said that, it could sell 100,000 units to financial institutions, research centers, natural resource firms, etc. For those firms, if they are running hundreds of clusters of these cards watercooled in limited space for compute work, then this card could easily make sense.
Titan Z should have never been marketed as a gaming card. If NV marketed it as a $3-4K compute card, most of us wouldn't complain about its price. For $3K, the fact that it's slower than 295X2 in games and costs double but has an air cooler is simply inexcusable. Let the professionals spend money in these cards since for them $3k is not a lot.