Quoting from Tom's Hardware:
"Initial speculation was that the GeForce GTX 295 would consist of two GT200s in a configuration that’d emulate a pair of GTX 260s. In all actuality, the card boasts a pair of full-strength GT200s with 240 processing cores each and a more GTX 260-like back-end/memory configuration.
The original GT200 was a 1.4 billion transistor behemoth manufactured using TSMC’s 65 nm node. The version of the chip GeForce GTX 295 employs is die-shrunk to 55 nm. As part of the transition, Nvidia’s Jason Paul claims the company has also made silicon timing changes to improve performance per watt, which should manifest themselves in our discussion of power consumption.
Like the GeForce GTX 280, each GPU on the GTX 295 has, as mentioned, 240 SPs and 80 texture address/filtering units. But, like the GTX 260, the same 295’s GPUs include seven ROP/framebuffer partitions to total 28 ROPs and 448 bits of aggregate memory bandwidth to 896 MB of GDDR3. Vital clocks are also in-line with the GeForce GTX 260. The core clock, including texture/ROPs, runs at 576 MHz. The stream processors run at 1,242 MHz. And the memory runs at 999 MHz (1,998 MHz effective). As you can see, each chip is architecturally right between Nvidia’s fastest and second-fastest ASICs."

The full and very detailed preview in Tom's Hardware:
http://www.tomshardware.co.uk/geforce-gtx-295,review-31470.html