i figured out exactly what is causing this issue. What is happening is that the thermal tape / foam between the pcb and the heatsink / waterblock is so thick and stiff that the springs in the 4 screwed around the GPU are allowing the GPU to separate from the copper heat sink (in the case of the poseidon). This explains exactly what is going on. You put the card in and it heats up much hotter that you think it should but in reality it's actually that hot because GPU is only partially touching the heat sink. If you lift the card up and or help the heat sink buy manually pushing it in to the GPU, you can watch the temps drop drastically in real time... i.e. while a furmark bench mark is running. I have demonstrated this on water and off water just on air as I was trying to diagnose this. If your card is having this issue you can even see the gap from looking under the card where the gpu is and you can see the gap that is between the heat sink and the gpu by using a flast light. You can see the stand offs on the heat sink / water block assembly about 1/16 of an inch in my case.
The solution for me (which required me to remove the sticker and likely void my warranty, was to take the 4 screws out around the gpu and install small metal washers so the springs would be compressed much tighter and keep the heat sink compressed against the gpu. This solves the issue completely! With the washers I used, the pcb is now nice and tight against the heat sink / cooling block. HUGE difference. The only concern I would have is that there really isn't much give in the springs, so the heat sink is really compressed onto the gpu now. Which improves cooling even more, but I'm a bit worried about the design on gpu's where it's designed to give a little.
I was not thrilled about sending my card in over this issue and I'm glad I resolved it. However, if I needed to send the card in for warranty issues unrelated to this, I suspect I would be out of luck.
ASUS really needs to look at this design based on the thickness of the thermal tape.. the tape appears to be quality, but it totally negates the ability of the heat sink to cool the gpu, especially when the card is mounted horizontal in a typical case and pcie slot. The weight of the heat sink and card being under the pcb and gpu put more force on the springs that are trying to hold everything together and keep the heat sink in contact with the GPU. Again, my solution was to drop in washers on all 4 main GPU screws under the springs on each screw. I actually used two washers that fit perfectly. The screws really compress the springs flat and pull the pcb / GPU right together. There is no way the springs can give and allow the heat sink to sag off the GPU now.
I hope this helps someone else out... mg