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Yeah a 1080 is easily over two times faster than the original Titan. I would upgrade to a much more modern cpu before getting a new gpu though.
Definitely agree with this. If you're doing GPGPU stuff then I would keep it. The original Titan is a little slower than a GTX 970 in gaming in stock conditions. You have a pretty monster overclock on yours, though, going by your signature.What are you doing with the Titan? If you do a lot of FP64 computing you should keep it as it can still hold its own against non-workstation class cards in that particular area.
If you are gaming on a big monitor then it may be time to upgrade but as others have already stated you might be CPU-bound if you do that first.