My 2 cents into this top-tier vs. lower-tier+watercooling argument. Water cooling has advantages over air. It is up to a user to choose between the performance difference of going higher tier and the watercooling advantages of watercooling a lower tier computer. You can't assume that anyone who chooses the watercooling advantages over the performance difference is wrong. It all depends on circumstance.

For example, if somebody doesn't need the encoding/multi-thread power of an i7 but wants a very silent computer, then it absolutely makes sense for him to buy a cheaper Phenom II rig and a waterloop.