Differences between air and water cooling

[si0dine]

This is kind of hypothetical, but if you have facts thats fine as well. Ok, say you have a mobo, cpu, video card, psu, ram, and harddrive it doesn't really matter what they are but they stay the same throughout the tests. First you build a low-end air cooled system(by system i mean case, fans, heatsinks, and mods), then med-end, and finally high-end and you overclock each component to its maximum operable speed in each test without the cpu exceding a temperature of 50c, and the gpu exceding a temperature of 60c. Now you do the same with water cooling, what do you think/know the differences are going to be?


edit: custom mods, prebuilt systems, and prebuilt water cooling setups are fine

List guesstimated/known components speeds before and after

 

[BioVader]

From air to water...

CPU 50C to about 40C on water: load
GPU 60c to about 38C on water: load

 

[arnemetis]

for my real life experience...
cpu on xp-90 with controlled tornado, lotsa case fans - 46c load
cpu on swiftech apex extreme w/ apogee and fans at ~7v - 34c load
( I also de-lidded the processor, which im sure made a diff)
gpu stock leadtek huge cooper heatsink for 6800gt - 70c load
gpu with mcw55 block in aboive extreme setup - 50c load
cant tell you how far i can go on gpu yet, cpu made it to 2.8 stable, but at 1.71v. too much juice for 50mhz, when 1.6ish keeps me stable at 2.75ghz