The performance difference is basically none at all really. Even a factory overclocked 390 is only going to be a couple percent faster than a reference/stock GTX 970. With the GTX 970s overclocking ability, a nice custom model like the EVGA FTW+ wouldn't have any competition from even the best 390 on the market.
But setting aside performance, the number of pluses on the side of the GTX 970 are pretty decisive. Driver support, power consumption, heat, noise, game compatibility, graphics features all fall firmly on the side of the GTX 970.
Quote:
"PowerColor's R9 390 PCS+ is currently available online for $340, which is $10 more than AMD's reference design pricing, a reasonable increase if you only look at the R9 390.
You can find the GTX 970 online for $310, which is definitely a better option in terms of performance, power draw, and noise—pretty much everything. Don't get me wrong, this isn't PowerColor's fault as their card is good for a R9 390; it's AMD's old technology and their pricing that affects the product negatively.
What the R9 390 has going for it is its large 8 GB memory capacity, though it doesn't make a difference because this is a 1080p-performance-class card. Unfortunately, that extra memory is also the reason why the price is so high compared to the R9 290 4 GB that can be found for as little as $250, a price point that delivers excellent value for the money, and you're not missing out on any features."
http://www.techpowerup.com/reviews/Powercolor/R9_390_PCS_Plus/30.html
With DirectX 12 coming out in just over a week, you'll also get the peace of mind of knowing that your card does the full gamut of the DirectX 12.1 feature set and at the hardware level at that. With the 390, you're basically gambling that rasterization is actually not going to be a big factor in the newest AAA games. With the GTX 970, there's no gamble, you get the support. The GTX 970 and the Maxwell architecture are truly next-gen products, while the architecture of the 390/290 is now almost two years old.
http://www.hardwarecanucks.com/forum/hardware-canucks-reviews/69682-amd-r9-fury-x-review-fiji-arrives-5.html