expensive air cooling or cheap all in one water cooling

Zerk2012

Titan
Ambassador
Depends on the other hardware and your expectations.
Usually cheap water can be matched performance wise by a mid range air cooler like a hyper 212 (or so close it don't matter), then their the risk of water leaks that kills parts along with if the pump goes out your PC is 100% down till replaced where as a air cooler you could move a case fan to the CPU cooler if needed and keep rolling.
 
You can get better performance at around the same price from a noctua nh-d14. Any of these coolers cool within a degree or two of the h75, most cool better. The h7 being the 'budget' option, still a bit better than the 212 evo both in cooling performance and quieter. The only one of these that gets a bit louder than the h75 under load is the thermaltake cooler (nic c5).

PCPartPicker part list / Price breakdown by merchant

CPU Cooler: Noctua NH-D14 65.0 CFM CPU Cooler ($74.99 @ Mwave)
CPU Cooler: Thermaltake CLP0608 99.1 CFM CPU Cooler ($49.96 @ Amazon)
CPU Cooler: Scythe Mugen 4 79.0 CFM CPU Cooler ($44.99 @ SuperBiiz)
CPU Cooler: Corsair H75 54.0 CFM Liquid CPU Cooler ($64.99 @ Newegg)
CPU Cooler: Thermalright TRUE Spirit 140 POWER 73.6 CFM CPU Cooler ($46.99 @ SuperBiiz)
CPU Cooler: CRYORIG H7 49.0 CFM CPU Cooler ($34.50 @ Newegg)

http://www.guru3d.com/articles_pages/corsair_h75_review,12.html
http://www.tweaktown.com/reviews/5982/corsair-hydro-series-h75-liquid-aio-cpu-cooler-review/index7.html
http://www.hardocp.com/article/2014/12/04/corsair_hydro_h75_liquid_aio_cpu_cooler_update_review/3#.VasMr_lVhBc

They're all varying sizes so some may fit (h7) while others won't (true spirit 140 power).

Unless you're trying for some sort of overclocking record and willing to push your 4690k past 1.4v vcore (not recommended, <1.3v preferred) chances are you'll reach a voltage limit before a thermal one. Where the cpu just requires far too big of a vcore leap to hit the next multiplier, a good indicator the cpu has reached its' potential.