That is right knowledge, but only in a general sense. The devil is in the details.
Yes, in a typical situation, watercooling can be thought of as unnecessary. And good heat sinks providing thermal exchange with a standard air environment will dissipate heat at a sufficient rate. But the assumption there is the temperature differential between the VRM sinks and the ambient air temperature. This is typically regulated by actively moving air through the chassis, which I do not do. In my environment, the inner air temperature would build up causing a decrease in the performance of the VRM sinks, and every other non-watercooled component in my system. I do this for noise control. The only source of noise in my system is a single water pump located inside a large, external water reservoir / heat sink (Zalman Reserator). I have been running this way for a while, and have never heard, or rather *not* heard, a system that compares with this type of noise control. I can not tell without looking at the lights or monitors whether my system is on.
Overclocking is just a fringe benefit.
So my choices are to pull the VRM sinks and replace them with an aftermarket watercooler or buy a board with watercooled VRM sinks. I have only found 2 choices. Gigabyte has one (OC Force) but it is ~$400. Based on the Z77 prices, I am hoping the Asrock OC Formula has a much more attractive price point (<$250). Aftermarket watercoolers are still an option, but they will add around $150 to the price and mean I will have to pull the stock sinks and later replace them if I move the board to a non-watercooled system [I have 3 other desktops "downstream" that get my old parts].