Its got two chips; undoubtly it will act as two separate cards, from a compute perspective, like all other cards of this kind before it.
I have worked with titans and other NVidia gaming cards for scientific computing extensively over the last years, and they work just fine for my purposes, but as always, 'it depends'. First of all, if you absolutely do need double precision, then they are a bad deal. Of course most applictions, including scientific simulations, are not actually constrained by the limits of single precision floats; but for some applications it does matter.
So the K40 has more memory per chip, and more double precision performance. But if you are sure you dont need either of those (like I do for my next build), a pair of Titan Z's is a pretty good way to cram an insane amount of single precision performance into a manageable form factor.
(edit: I see titan z unlike previous gaming cards has full double precision too; so if you do need double precision, that adds to its value. personally, I find memory more often limiting than fp precision though)