Please do not hate the messenger...
Yes, this is normal. The 590's are only 1.5G Vram cards. The 500 series cards using Surround require 3G for those Ultra settings and it depends on the AA settings...
Try dropping the AA to MSAA or other settings (Leaving everything else on Ultra) and see if that help your situation.
Question, how long ago did you get the 590's? If still returnable I would and get the 600 series cards of your choice. I would hate to suggest the Step Up because of the loss in what you paid over what is in the step up now...
Sorry for the bad news. In this situation the Vram, is hurting your systems ability to perform as you hoped... Well and the raw performance ability of the 590's is also a limiting factor in this situation.
As a reference... I am running 5760x1200 @60Hz on a single GTX680 using the
FXAA injector and see 60FPS 98% of the time with all my settings on High... I am certain once I go SLI, Ultra will be a no contest for these 680's... Now @ 120Hz I think TRI SLI GTX680's muscle combined with 4G Vram will be the order of the day...