Best air-cooler out there is the ThermalTake V-1...kills the Zalman and the rest. I've seen the test results. There is one model I can't remember that did better in overclocking tests, it's an aluminum, not copper, heat-pipe cooler with the word "ultra" in its title. V-1 still bested it for normal operation, and it's definitely the QUIETEST cooler too. I should know, I have a Zalman S9500 ready for eBay.
As for the water-cooling CoolerMaster, if I was to change from air to water cooling, I would want a kit like the Danger Den that also cools the GFX CPUs and has the capacity for adding more cooling blocks, like the NB. Water-cooling a single component and not the whole rig doesn't make sense to me.
Tony