ikaz :
Hmm how about 3 way 7970's for around $1400 (they are runnin about 450-475 each and this before tax& shipping) and then sell then two of the game packs for $50 each so abut $1300 total.
Ok, that was kinda Troll reponse, that being said I would depend on the game though if that was my only choose I may lean towards two titians, if you consider the power needed to run 3 680 not to mention the noise generated the Titains seem like a better choose if your starting fresh.
You get half of the vram with the 3-way 7970 solution, which actually makes a difference in a few games currently out. Hitman Absolution requires well-over 3GB of vram on 2560x1440 with MSAA x8 on some levels. I'm not quite sure what the comparison is in performance between 3 GTX 680 Classifieds and 3 HD 7970s. The Classifieds are noticeably more powerful than a reference 680, and are clocked a bit higher than the Superclocked cards.
The Titan scales better than any of these cards though. In some games, I've noticed over double the performance. I guess the real question is going to be 3-way SLI Titans vs. 4-way SLI 7970. You're maxed out with 4 7970s, as you cannot add a 5th. You still have a slot for a 4th Titan, but that's unfair considering we all know that 4-way SLI Titan is the best solution in terms of overall performance.
http://www.guru3d.com/articles_pages/geforce_gtx_titan_3_way_sli_review,12.html
The above link actually compares 2 Ares ii's and 3 Titans, with the Ares IIs coming ahead. However, the Titans are running at stock speeds, whereas the Ares IIs use liquid cooling and are essentially overclocked 7970 GHz editions. The Titan will overclock automatically if you have Precision X running, and you'll get some significant gains (i.e., 2-way SLI Titans on Heaven 4.0 2560x1440 maxed w/ MSAA x8 will get about 60FPS, then with Precision X running you'll get 70FPS, pretty big gain without any manual overclocking as GPU Boost 2.0 will do that automatically with Precision X running). Thus, I am confident that 3 Titans will push beyond 2 Ares IIs with Precision X running, and this is all on air. They're exactly the same price I believe ($3k), so this is probably the most interesting comparison.