Hawaii is on a much smaller die than the GK110 family. A price war is in AMD's favor. And (mostly) the customer's favor.
If the 290x can at least trade blows with a Titan, and that's looking pretty damn likely at this point, Nvidia will be matched (or beaten) on top end performance and behind on performance/price (as they usually are) until they can release Maxwell. Nobody really knows when that will be, but it's looking like mid-to-late 2014.