Air vs water: who wins?

Solution
If money is no object then you can get a better overclock with water.

The 212 Evo will allow a respectable overclock with very little money inputted.
I wouldn't use anything but water , it keeps all the components from overheating when overclocking and will keep them at a constant temp. Of course as with anything there are limits but you can get higher overclocks and lower temps with water.