Here is my reasoning:
1. Price. As a rule the cards with a stock cooler will be cheaper.
2. I prefer cards with stock direct exhaust double slot coolers.
They get the hot vga air directly out the back of the case.
Other aftermarket coolers do a good job of cooling the vga chip in an open testbed.
But in a case,they just dump hot air back into the case where case cooling has to deal with it.
That heats up both the graphics card AND the cpu..... not good.
If you are entertaining dual sli/cf configuration, the top card will get hotter if it can't get sufficient cooling air that is blocked by the lower card. A blower type cooler will help.
3. Graphics card makers are wise to overclocking. They bin their chips and use the best ones in their factory overclocked cards so they can charge more for them. You might get lucky by overclocking a stock card, but don't count on it.
4. How good do you need to be? A stock GTX770 will have a boost clock of 1085.
The top boost clock on any GTX770 currently offered by newegg is 1202. That is about a 10% improvement. Not bad. But, that comes at an added price of perhaps 5% That makes a superclock a decent deal if you don't want to overclock. (assuming you could get 5% more)
5. The reason for water cooling of graphics cards is to allow higher overclocks. It is not really for noise since the coolers themselves are air heat exchangers which also need fans to cool. To my mind, it is better to use exotic cooling funds to buy a better card in the first place. Instead of paying $100+ for cooling a GTX770, use that towards a GTX780.
6. Vram costs extra. From what I read, it is a performance issue, not a functional issue. Here are some tests comparing 2gb vs. 4gb using GTX680 cards which are in the same performance tier as GTX770.
Even with triple monitors the performance difference is minimal.
http://www.pugetsystems.com/labs/articles/Video-Card-Performance-2GB-vs-4GB-Memory-154/
7. As an example of a reference card with higher factory boost of 1124 is this msi GTX770:
http://www.newegg.com/Product/Product.aspx?Item=N82E16814127751