Yeah. You're welcome, Galvanized.
Markbnj -- Wise observations. And think about it: you can't coat the PCI gold-conductors where they make contact, so depending on the severity of a water-leak in a water-cooled system, it probably might not help. Might reduce the probability of damage, but it wouldn't eliminate that probability altogether.
So if one were going to make a water-cooled setup, how much trouble would it be? You'd have to cover all the mobo pins -- USB2, game-port, front-panel LEDs and switch pins, AGP/PCI-E, PCI/PCI-x, fan 3-pin pinouts, ATA/IDE, SATA2/150, memory slots (don't forget those!) -- lots of tedium there.
You couldn't leave the CPU in its socket without covering it: you don't want this stuff between the CPU and your AS5/HSF. You probably wouldn't want it on your HSF.
But for old-timers like us, who have the time to mask off all the things you don't want to spray with it, and the mobo is laying there on the bench, brand-new, just waiting to be installed . . . .a-a-nnd . . . A-A-n-ndd!! You're going to water-cool . . . . well, maybe . . . . maybe . . .