Watercooling makes no sense at all unless all you care about is quiet and you do not care what you have to do to get it. Here's why:
1) Water-cooling is not much better than high-performance air (unless you use a chiller which is more noise and trouble than straight water). If you are going to that much trouble you may as well go phase-change which WILL offer much higher performance.
2) The truly silent water systems (like the fanless Zalman) are not as good as high performance air, but they are more quiet. If quiet is your ONLY goal and you're not into maximum performance, and you do not move your computer or mind the extra maintenance, OR you just like to have big blue things next to your case then the Zalman is for you. It gives good performance with very low noise.
3) Good water-cooling is much more expensive and higher maintenance than good air-cooling, and the highest performance water-coolers are not any quieter than the highest performance air-coolers.
The bottom line is that water looks cool but really doesn't perform that much better if you design your air-cooling properly.