Lemme throw some stuff out there.
First off, ok, Hawaii was hot and power hungry. I don't disagree. But it wasn't at the same degree as people make it out to be. You'd be amazed by the difference in power consumption between a reference Hawaii card and a water cooled one (even ghetto cooled, doesn't matter) or even the best air cooled cards. The situation wasn't nearly as dramatic in the real world. But, reviewers and early adopters got the turd that the reference cooler was, and that's what stuck in people's minds. Hawaii is a different card if cooled properly and that should be common knowledge. Many seem to forget, so I'm here to remind you guys.
Secondly, if the Titan X retails for the rumoured 1350$, it will redefine stupid. I mean, come on, for that price you can buy a full rig. Unless you can somehow justify it or if you have THAT much disposable income (If money grows on trees where you're from, I'll come for a visit), it's a bad buy. End of story. I don't think anyone can argue with that. What I'd expect from a 1000+$ card is top notch performance at the very least.
Third, I'd also expect top notch performance from a card that's late to the market, hyped to hell, cooled by water, that has a massive die and shader count and the biggest jump in memory performance in recent years. If AMD fails to deliver something that at least matches the Titan X stock-vs-stock, I'll be pretty pissed. And seeing how well Maxwell overclocks in general, I'd love it if the 390x overclocks well too, but I doubt it. And for the love of god, I hope AMD stops playing the price to performance game (While still pricing reasonably) and try to go for an absolute, undisputable performance lead. Being the cheaper choice has hurt their brand name so much that it will take some pretty big wins to reverse the damage.
With all that said, I expect we'll see a situation like when the 290x/290 launched, where the 290 rivaled the 780 and the 290x rivaled the Titan. Only now, NVidia doesn't have a 780ti up their sleeve. Or at least none that we know of. Last time they were able to pull a middle finger move to AMD. I hope AMD have learned their lesson. And they should market the 390x the right way, like NVidia is sure going to do for the Titan X. And having a hybrid water cooler and a reference design that looks cool and premium is a step in the right direction. Even if it's not needed, such a solution is vastly superior to what came before it and will definitely appeal to the uninformed or half-informed customer. You and me may know the how's and why's of the water cooling component of the card, but most will just see a premium product, not a plastic piece of noisy crap.
And before I venture further off topic, damn is the Titan X a beast. I may not be an NVidia guy, but they do deliver, I have to give them that. Also, since benchmarks and performance and whatnot have been discussed to death (And a little beyond it), I'd like to take a moment and appreciate how awesome the cooler on this thing looks. NVidia's previous reference cooler looked really nice, being metal and all, but this thing... I'd want this in my rig. I'd want to show it, to see it. Damn did they do a good job.