Oh yeah having a non-closed loop water cooled mini-itx would be incredibly challenging in the smaller cases. Although is there really a need for water cooling? Sure the overclocks are nice, but unless you're doing insane rendering/media work, is there any game that really pushes cards hard without being a result of crap coding?
There is always a need for more exotic cooling. This is the PC gaming master race remember. ;)
Besides, this hot Aussie summer has shown me that my Corsair H100 is struggling to keep my Core i7 3930K within decent temps, with a proper loop I *should* be able to push to 5ghz and call it a day.
And.. 3x 7970's struggles with high-end games with everything on max at my resolution, hence the need to get cards I can push harder untill the 8000 series launches.
Untill then, I'm using a couple of old Radeon 6950's out of my AMD rig, which actually give any single GPU a good run for it's money still, which surprised me.