Ya, the active air HSF now a days are pretty good. I'm not nearly knowledgeable about water cooling so maybe this might be a bias opipion. But here's my logic on water cooling vs air cooling. Water cooling first and formost is very expensive. The parts listed above are $200+. I can get a top of the line air HSF for ~$80. Yes there would be a preformance in cooling with a water block but it might not be as much as you'd think. Another thing is that water blocks can leak. and if they leak...well you know what happens when elecrtical parts take a dip in water. With air you don't have to really worry about it.
The only reason why i'd say go for a water block is if your doing it for cosmedic reasons. You want your case and stuff to look cool. For me this isn't a big concern but for many people that come here it is, so i understand if that's the case. Girls love it when you can tell them you've got a big block.
If your going for world class overclocks then i'd be looking into phase cooling and not water cooling.
Reading a review a few weeks back when the v10 came out they asked the coolmaster rep what about the v12 and his answer basically decyphered as this is nothing more than a concept heatsink and won't be going into production. So i wouldn't hold my breath when talkign about the v12.
I don't care about price, like I said I'm coming from $500-$700 WCing to just air. So I want something quality. The cooler the processor stays, the longer it will last. I don't want somethng that will just do.