I don't much like the fact that it tries to integrate a CPU block in the package.
I'd imagine they're aiming this at people who haven't tried custom water yet - AiO at most.
this way they'll get an integrated block - always one part to care about less.
To be honest, I'd love to see cases with integrated radiators. For me that would be the only argument to try watercooling.
Of course the most hardcore overclockers will want a custom block. I expect ASRock to offer a block-less variant of this motherboard (maybe even more high-end).
Anyway, so they bundle a block. Can you get a better one? Sure.
You can also get better integrated audio and ethernet chips, better capacitors, better chipset cooler, more physically robust parts (e.g. PCIe slots).
It's a motherboard: a PCB with majority of functional elements of your PC. Until someone offers configurable (modular?) motherboards, there will always be compromises. A slightly sub-par waterblock is surely not the worst one. ;-)