"This will be the only processor (at launch) with a 65 W TDP" that is shame. The 3900 got good reviews, but it is very hard to buy, while 3900x is available. So I assume same will happen with 5900.
They say lower-TDP processor should be available within six months. I think that makes sense, AMD wants to make the marketing splash with really nice high numbers at launch.
I wonder if the lower-TDP versions are whatever didn't make the high performance cut with part of the die disabled. If that's the case they would have to wait a certain amount of time to offer them.
In many bios setting you can adjust the dynamic overclocking with course and easy or more nuanced settings to give you what you want. Many times a lot of the power and heat comes from high dynamic overclocking which uses a disproportionate amount of power.
You can also underclock the high end parts by lowering the voltage and/or thermal limits that govern the behavior of CPB/XFR/PBO (the CPU's internal clock-setting mechanism(s) at P0). That might correspond more directly with the benefits associated with a 65W SKU without hampering performance more than necessary.