Condensation is not a problem if you keep your vaporphase running 24x7, the condensation ices up and becomes nonconductive. So your cpu block and mobo will get a big old blob of ice built up on it but it is harmless...until you turn off your vaporphase unit.
Then the ice melts and everything is wet. That is not good if you have your PSU still plugged into the wall (turned off is not good enough). I shorted out a graphics card, and zapped my mobo real good on at least 3 occasions where I was there to listen to the pops and snaps firsthand to realize it was happening.
Still though, despite my shortcomings and mistakes the rig survived this haphazzard arrangement for well over 2 yrs, almost 3.
So...it is spendy, setup cost and TCO as well as the early obsolescence of your gear. But it is fun, no question.