I know nothing of water cooling. Although I have several machines (all overclocked), I have never had a problem with 100% air cooling...then again, I never O/C to the extreme. I always build under a tight budget & personally don't have the need for the extra cooling power, added expense, & potential problems that a water cooling system would bring to the table.
Now, with that being said, there was a recent post regarding water cooling & how the components deteriorate quickly if not properly cared for. I'm not sure if that's what real_cool was getting at in his post when he mentioned pool & aquarium maintenance or not (sorry real_cool, not sure what point you were trying to make). In any mechanical system, there's always a potential for problems, however slight...pump failure, water leakage, hose blockage, condensation, etc...these are all things to take into consideration.
You might wanna browse thru these posts on another forum:
http://forums.procooling.com/vbb/showthread.php?s=&threadid=7239