Petrofsky :
I don't recommend water because it has water. You know all those movies where somebody's in the bathtub, and the hair dryer falls in and they get electrocuted? Think about it. The only advantage to a self-contained CPU water cooling system, aside from its looking cool as a moose, is that it's low profile. You, however, have plenty of room for any air cooler you want with a case eight inches wide. I like to browse
Frosty Tech for cooler reviews and bench tests. If you want a recommendation, I say pick one that you like the looks of, and see if it appears fairly high on Frosty Tech's charts. It's a feel-good thang. They all cool OK.
I consider your comment as faulty reasoning, if it is not based on proof. Is there a benchmark or testing platform for both air-cooled and water-cooled systems, in terms of system failure percentages, that you can point us to? I'm not talking performance, sound or overall quality, I'm talking actual system breakdown percentages.
What would you prefer; water damage and short-circuits or critical system overheating with a melted CPU and short-circuiting? In my eyes, both systems can randomly deal a good amount of damage to your system. If the extent of the damage is pretty much the same on both ends, you should start looking at the durability of both systems to be able to conclude which one is superior.
Now, to summarize the perks and downsides of both systems:
Water-cooled
+ Silent!
+ easier to clean (no dusty fans) and looks cleaner
+ more stable performance (no dusty fans)
+ better closed thermal circuit (no heat or cold radiating outwards, especially handy if you live in a dormatory or other small space)
+ often more easy to position in your system
- more expensive
- on average, slightly bigger power consumption
- harder to install
- water, if it leaks, hurts your system
Air-cooled
+ no water
+ less power consumption
+ easier to install (unless if you have to unplug the motherboard in the process)
+ cheaper
- collects more dust and loses effectiveness
- takes more space
- is not a closed thermal system
- more noise