Well the secondary question here is do you play games and do you have a high(ish) end video card.
The argument for water vs phase-change gets a bit more complex if you have a $$$ cap and water-cool the video card as well.
Generally you can look for around a 10-15% higher GPU core clock on your video card (I stress here - 10-15% without artifacting) if you water-cool it.
Depending on what you do most with your computer, what you lose in terms of peak overclock that a phase-change setup gives you, you will gain in that you can cool your GPU better and get more out of it, all for less money.
If you're a CPU-only boy (Folding, etc) , then it's hard to go past a phase-change unit. If you're into gaming and don't have the $$$ to spring for phase-change for your CPU and water-cooling for your GPU, then water-cooling both the CPU and GPU will likely get you comparitive system performance for less $$ than just phase-change cooling the CPU alone.