Pretty sure Matt's got a (silver, maybe gold, rated) XFX 750W PSU, and he's found this is limiting his overclock on his graphic cards as during very heavy scenes the PSU can cut out. I was running a bronze rated XFX 750W when I first got my 2 x 290's, and it could cope but the air pumping out the PSU during heavy gaming was pretty warm, and my plug-in wattage meter was showing 700W-750W being pulled from the wall with the GPUs at stock. Remember, PSUs are rated for what they can provide to the PC, not what they have to pull from the wall to do it, so my PSU was probably only running at 600W-650W.
Back when I was running 2 7970's, I tried overvolting them to run the Sleeping Dogs bench, and my PC froze after pulling over 900W from the wall!
As the 290's take more juice than the 7970's, and I just didn't like the idea of stressing the one component that can take out EVERY other one if it catastrophically fails, so when OcUK reduced a quality 1200W PSU that will fit into my case before Christmas, I jumped at it. Now even when I'm running the PC very hard, the air coming off the PSU is cool and barely a breeze.
Provided it's a good quality 850W, you should be fine running 2 290's off it, but you might find yourself unable to heavily overclock/overvolt. A 750W will run 2 290's, but it's just too close for my liking for long term use.