Do you expect one Titan to beat a pair of GTX780 or GTX770 cards?? It cannot beat a pair of GTX670 cards,last time I checked at 1920X1080 or 2560X1440,and moreover Nvidia SLI drivers tend to work well.
Moreover,Nvidia is releasing a second SKU based on Titan. What happens if the GTX780 is not a GK114 and is a GK110 based card??
On top of this the GK104 is a small GPU by Nvidia standards,so they have plenty of die space,and TDP they can play with to improve performance.
This is unlike with Fermi where the chips were not small.