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I checked my 290 at stock and have pretty much exactly the same idle temps with the ref cooler (your vrm2 is 8c higher than mine, could be case airflow or anything though).
Without wanting to sound like Rusty on poppers, show us your load. (temps)
46'C @20% fan speed is awesome compared to how loud and hot the previous cooler ran.
Love his new sig - like RED rag to a bull
My max temp and fan speed were setup for my other cooler. I haven made some changes. Temps now.
VRM temp 1 52'C
VRM temp 2 50'C
GPU 43'C @40% fan
I was playing Tomb Raider, nothing too taxing.
Also Beer, if you click in the boxes to the left of the graphs in GPU Z you can set each one to display the max temp each category got too. It toggles between max, average and minimum. Could you set them to display max?
This is great info and im sure your post will probably sell a crap load of these coolers if the results are good. So many of us out there with ref coolers that want to silence the beast!