Real? It has water its real, it just not a custom loop kit. That kit with push/pull performs on par with the Noctua NDH-14 which is considered on of the best air coolers.
Hell even my 920 is not that far behind a "Real" custom loop from Rasa which costs even more.
Yeah first ones were complete crap, the new gen ones from Antec and Corsair (Rebranded Asetek) are more efficient.
If I slap some Gentel Typhoons AP-15's on my Kuhler 920 I think it will be pretty much up to par or better with the starter Rasa kits. Im happy with mine, but nothing beats the awesomeness of having a custom loop. Just hate the fact of the maintenence and checking for leaks etc.
I loved my custom loop too, but for some reason stuff kept growing in it. PT Nuke didn't really do anything to prevent it from growing for some reason. Never had a problem with leaks though, it's usually not a problem unless you cut a tube at an an aggressive angle.