I am currently watercooling my system. Perhaps its just my waterblock, but it doesn't cool any better than a HSF, holding steady at about 42C according to MBM5 and my Asus A7V133.
I use 3 submersable water pumps I bought from petsmart.com. If one fails due to a mechanical failure the others will keep the water flowing. I had originally planned on building them into my case, but I wasn't able to build a water reservior that made me comfortable, so I just have them sitting in a bucket. The radiator/fan has its own power supply I stole from a 486 in my closet. The whole rig runs off its own UPS.
I actually just had my first 'incident' with my water cooling rig. The bucket I use has no cover, and I experience a fair amount of evaporation. I generally top it off every few days. I left my system on and idle and went out of town for the long memorial day weekend, making sure I filled up the resevior before I walked out the door. I forgot I had turned off the A/C due to the cool weather we've had lately, and returned home last night to find that all of my water had evaporated! The pumps were running dry and the only thing cooling my CPU was what the water block could remove as a radiator. Amazingly, the waterblock was 68.5C (I've got a thermal sensor attacked to the block) but my system was still running. I tapped my mouse to see what it was doing, if anything, and it sprung back to life. The temp immediately climbed to 75C before the system shut itself off, but its comforting to know that in my case, the water block alone is enough to cool an idle Athlon 'B' 1.2GHz running at 1.37GHz. My water block is a big beasty, though, much larger than the one used in Tom's article. So, make sure you keep an eye on your water level, and putting some kind of lid on your reservior would probably be a pretty good idea.
-= This is our wading pool.
Stop pissing in it. =-