Honestly, if you aren't going to water cool the GPU itself, you're much better off getting a GTX 770+i5 4690K. However, if you are willing to shell out an extra $150 to water cool the GPU, then the r9 290 will be similar to a GTX 780. But in that case, since the GTX 780 costs $500 and the r9 290 costs $400, get the 780, as the extra water cooling supplies will bring the r9 290 to $550.
But one thing. If you are going with the r9 290, do not get a "normal" version. When I say that, I mean if you do choose the r9 290, then get the Twin Frozr edition. It costs about the same as the r9 290, but has incredible cooling, so no need to water cool.
If you hadn't realized, I recommended water cooling because the r9 290 is a volcano. In some cases, it melts on people if used in intense gaming/tasks. And it's LOUD, but water cooling should fix that. But I still recommend a GTX 770/780, as they outperform the r9 290 and run a LOT cooler and quieter.
But, if you have no other choose, pick the i5 4690K one. The i7 does absolutely nothing to performance, but it affects rendering and multiple applications drastically with it's hyper threading technology. However, that's only if doing large tasks, and it doesn't affect FPS. So it is unnecessary to pick the i7 and downgrade the GPU, which affects FPS the most, if not all of it.
Remember, get the Twin Frozr!