It's bigger, so it has a larger capacity, so yes, it has somewhat better performance. It's pretty much the same system, just with a 280mm radiator rather than a 240mm radiator. What are your plans/desires for this system? If noise levels are a concern you probably don't want to go with an AIO liquid cooler as they're louder than a good air cooler, and they're generally more expensive as well. I'm currently running an FX-8320@4.5Ghz and it's whisper quiet except under very demanding, extended gaming loads. I'm using the Noctua NH-U14S, but there are other choices out there as well. The U14S is a single fan single heatsink and is considerably smaller than, for example, the NH-D14 or D15, Cryorig R1 Ultimate/Universal or similar large coolers.
The NH-U14S is a very good air cooler for the price and for those that don't want the entire inside of their case taken up by heatsink. If the water cooling is for looks or due to clearance issues, then it probably makes more sense to go that way. Are you overclocking?