It is not a bad cooler. I have been recommending against it however, because other direct-touch 120mm tower coolers offer similar performance (depending on the fan used) but may be up to 40% less expensive (e.g. NZXT). This makes the Hyper212 EVO, while not a bad cooler, a bang/buck Loser, and I try not to recommend losers.
Unless you have excellent airflow through your case, I would recommend sticking with a good air cooler. Liquid coolers do little or nothing for other motherboard components like the VRMs, whereas air cooling typically helps them as well.