To be completely honest though...I use to bash the reference cooler design a lot before getting the reference 290(x), but after using it, I must say it is very effective in terms of cooling capability...it is just the the amount of heat from the 290/290x that it has to put up with that's causing it to be noisy, as the fan need to spin at very high rpm to coup. Had the cooler been for a lower power consumption card, I doubt noise would really be an issue.
But yes I do agree that the look of the cooler design can definitely be better. But if AMD were to charge £30-£40 price premium on the cooler like Nvidia does for their "Titan cooler", I would rather AMD just stick with using the not-so-good-looking cooler and keep the price down, and I'd just put the £30-£40 toward replacing the cooler with far more efficient 3rd party cooler instead...and it would be actually be better for people who are planning on watercooling in the first place as well.
One of the biggest advantage that AMD has comparing to Nvidia is that it offer similar performance at a lower price point; if the "fancy cooler" is gonna push the price of the AMD cards up, it might actually make people to think about to just jump onto Nvidia instead, since the price difference is not that significant.
If a "fancy cooler" doesn't lead to increase in the price of the cards, then of course it would be welcomed.