Re: what benefits from water cooling?
its not silent. I'm running 3x120mm fans on my rad right now. And i can tell you its far from quiet. Water cooling just takes away the heat from the copper faster than air does. Thus it keeps your temperature deltas lower than air cooling. But keep in mind like air cooling, you can't get better than ambient temperatures, unless you're using a bong. And it does cool the chips it passes through, provided you have the blocks and the good contact. You can cool the RAM, Mosfets, video card, cpu, northbridge, southbridge, etc. As long there is a block for it, you can cool it.
Keep in mind that the radiator only has a certain heat it can dissipate within a certain amount of time. So you can't cool everything with one radiator.