With watercooling, you have an option of moving the radiator away from the computer. During winter, you could set it by the window or something. You probably can't move it very far, unless you have a powerful pump, but the increased pressure may increase the chance of a leak. And if you go with radiator-less setup witha large reservoir, you can drop some ice cubes in the tank before an intense Quake II action. but closed-loop, radiator setup is probably the best for water cooling because it uses the least amount of water and probably presents the least chance for leaks.

But since this is a F150 forum, I think we should have a different type of cooling! Intercooled! Too bad the advantage would be minimal because the setup won't allow the air to get cooler than ambient temperature. But if you get a massively powerful fan that does heat up the air much the way the supercharger does, than it can help!