The ASUS GeForce GTX 980 Matrix is no ordinary GTX 980. It comes with a ton of features for hardcore overclockers looking to break records with liquid nitrogen. Just like most other "normal" GTX 980s, the GTX 980 Matrix comes overclocked out of the box, which results in a 6% performance increase at 1080p and one of 8% at 1440p. This is in line with other custom GTX 980s like ASUS's own GTX 980 STRIX. Memory is running at default on the Matrix, and overclocking it would have been a nice way to increase performance even further.
ASUS has engineered an incredibly sexy looking cooler for the Matrix. It not only looks cool, but also does an excellent job in keeping temperatures low. The only drawback is that its large size increases the card's total dimensions, which could make installing it into smaller cases more difficult (but the Matrix isn't meant to be installed into a small case).
The card doesn't do too well in terms of noise, though. It doesn't feature the idle-off mechanism we've seen on other GTX 980s from MSI, ASUS, and Palit. While the Matrix cooler is quiet in idle, I see no reason why it couldn't shut its fans off completely. During gaming, the cooler ends up being noisier than the reference design's thermal solution, which is a bit sad as the cooler could certainly run quieter without compromising on temperatures. My best guess is that ASUS perceives the overclocking crowd as being less sensitive to fan noise, which may be true after all. So the ASUS GTX 980 STRIX would be the better option if you are looking for a quiet GTX 980.
ASUS is clearly marketing the Matrix for the enthusiast overclocker seeking to break world records. On a normal GTX 980, such attempts require serious hardware-specific solder mods for the removal of the power limiter, choice voltage measuring points, or spots you solder variable resistors to for voltage adjustments, etc. You might still run into dreaded cold bugs even with those mods, which are usually due to heat migrating through the PCB and away from the memory chips. Such a situation would subzero the GPU and cause memory instability. ASUS designed a clever little heating circuit around the memory chips to avoid such issues, which is a really good idea (if you use LN2). A dual-BIOS feature has also been implemented, and you can use ASUS's excellent GPUTweak overclocking software to save your settings to the card to avoid re-applying all tweaked setting after a crash and a reboot. And you can also push a little button to default the card's setting if it doesn't boot anymore - no software needed. Overall, this looks to be the most-optimized card for hardcore overclockers, and I might even go as far as to recommend the Matrix to people who want to get into the LN2 game. With all its features, the learning curve certainly is more enjoyable for beginners. From the perspective of a normal gamer who does like to overclock on stock air cooling, the Matrix doesn't offer much beyond the ASUS GTX 980 STRIX. This is not a bad thing because having an awesome card for the masses (STRIX) let ASUS go all out with the Matrix's hardcore OC features without having to worry about cost-scaring away the average user.
Price-wise, the GTX 980 Matrix clocks in at $660, which is $110 more than the reference design. For normal users, I see no way to justify the cost over the fantastic ASUS GTX 980 STRIX ($580). The Matrix's mighty high price gets you a ton of useful features if you are an LN2 user, though. If I were a hardcore overclocker looking for a GTX 980 to run on LN2, the ASUS GTX 980 Matrix would be my weapon of choice.