Air or Water? but wait.. read on!

The question for me is, air or water, bearing in mind that i want to cool both CPU and GPU. The benefits of water is that you have the ability to cool both with one setup, and the performance is good. But is it that good? I've read from other ppl that having a thermalright xp-120 can really cool their cpu down, to or better than those of water cooling. I've looked up on many reviews for liquid cooling systems, and sometimes i see like a 10-15C temp drop from stock HSF. But aren't they the same as thermalright xp-120s (maybe with a kickass fan)? I would think water cooling systems would rape anything with air, including the xp-120 because of the physics behind it, denser molecules in liquids than air. So, the question of air or water, is always asked but, what about prices in total. If one was to buy an xp-120 and a nop notch GPU air cooler, that would cost around, i dunno $90-100 bucks? whereas, maybe a decent water cooler might cost between $100-130. So is that extra $10-30 bucks worth it? In terms of performance, because even though everyone says water is better, is it really? With water cooling systems, i've seen really varied results, but with air systems attaining the same performance why go water?

and btw a good water system costs around 200-300

<font color=red>gforce mx100/200 @ 230/440 =]</font color=red>

says mr.prommie w/ pelt water cooling

<font color=red>gforce mx100/200 @ 230/440 =]</font color=red>