The best replacement for gtx 295 is gtx 480.

The best alternatives to gtx 295 are rated as following:
★★★★★  gtx 480
★★★★  gtx 285
★★★★  4870x2
★★★  gtx 580
★★★  gtx 470
★  gtx 280
★  5870
★  hd 5870
★  285
★  sli
★  gtx 260
★  hd 4870 x2
★  gx2
★  ati 5970
  9800 gx2
  hd 5970
  4870 x2
  gtx 260 sli
  5970

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Speaking about gtx 295, one probably shouldn't forget about quad sli.

Other search terms related to gtx 295 and their ratings are:
★★★★★ quad sli
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gtx 295
gtx 480
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