Another point to consider- which can be both for or against water cooling depending on your viewpoint- (
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Messing around with H2O provides you with more modding, creativity and tweaking opportunities.
Water can be set up that needs little or no maintenance- I have two rigs that get no more maintenance than my air cooled stuff: less clogging in the fans due to lower speeds, but add checking water level every few months. Comes out the same. (I don't use fan filters on anything.)
But messing with a water cooling system can be a hobby in and of itself, if you enjoy it!
Personally, I do- I have four water cooled machines, including an mATX rig for LAN use, and three air cooled rigs.
It really comes down to personal choice: an air cooled system CAN be made quiet and competitive (behind the best H2O but better than many decent setups) with water but you can easily end up spending the same money.
Water cooling is not for everyone, just like overclocking isn't done by most computer users.
Of course, I am hooked, but I can see the (dis)advantages of both.
Personally (obviously!) I think the added flexibility of water cooling is well worth the time and effort: my main rig is normally one of my quietest computers and has decent temps.......when I turn my fans up to full power, it is the loudest.
Temps drop to insanely low levels though.
And even with the fans at their quiet settings, the performance is on par with High Performance air cooling.