I don't think the card is a bad product. The reduced noise at load alone may be worth the extra $50 for a lot of users, let alone the fact that they supposedly binned for more OC'able gpu's.
It's not better in ALL the ways you would want a custom (sort of, cough cough) cooled card to be, but it is nice that there's a non-reference option on day 1. I don't think there are any arguments that other, more-thoroughly developed non-ref cards will be better.