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Just to play devils advocate, the mid range Corsair water cooling exhaust fans in my PC are way noisier than the same sized Noctua fans on my 3d printer and I had to swap them out after 18 months due to a fan failure. Silent, water cooling is not.
No contest on the thermal efficiency front though. Water cooled every time. I think my i7 is overclocked by about 45% and I dont think it ever goes about 60 degrees under load.
Y u no go water cooled? Even if Noctua are the tits I've got this Corsair Hydro H60 and am very happy with it. Costs less and looks better than that massive CPU cooler and is presumably quieter too?
You can swap out the fan for a Noctua one ;)