Air cooling is probably more
EFFICIENT in an engineering sense but water cooling has more potential.
Let me explain:
With air cooling, you have fewer transfers of heat (each transfer is INefficient to some degree)- from the cpu core to tim to heatsink to case air to room air= 4 standard transfers of heat energy. You lose efficiency 4 times in the process.
With H2O cooling the transaction is-
cpu core to tim to block to water to radiator to room air= 5 transfers of energy. One more transfer of heat in the process.
(NOTE- The above is for typical machines and does not cover all situations!)
This is one of the reasons that modern High Perfomance air cooling does so well when compared with water cooling: more efficient process....at least when only looking at the cpu temp.
Water cooling does have higher cooling potential though, mainly due to the fact (as stated above) that a radiator has more surface area than a heat sink. In fact, a radiator CAN be made big enough to passively cool a system, although it might be tough to find a case big enough for it.
The higher potential of a water cooling system also allows us to gain similar cpu temperatures at much lower noise levels (as also said above): slower, quieter fans can dissipate the heat just fine.
There can be additional benefits as well: with water cooling the radiator can be located externally or in a "Sidewinder" configuration (intake from one side of the case, exhaust on the other): cpu heat is NOT recycled into the case while still cooling the cpu with cooler room air, thus making both cpu AND the rest of the system cooler.
Heat pipes have some of the advantages of both but still not have the full potential of either- they are a compromise solution. Sometimes a very GOOD compromise, but.....
I am not trying to talk you into going one way or another with your cooling, just trying to present you with some information that might help you decide.