There are some people on the forums that can give you much more detail than I can, but the key points are.
The Corsair is a reasonable cooling solution however, when compared to a reasonable air cooler, generally the air cooler will do as good of a job if not better and you don't have the worries of something potentially breaking and leaking water all over your hardware.
If you have a good case with good air flow then the air cooling solution is the way to go.
If you have poor air circulation in your case and no real alternative, then the Corsair is alright. Also, from what I've seen, the Corsair is a better solution than the Domino ALC.