Here's a few observations.
The market and technology is "up-in-the-air", with Smithfield just becoming available in March (I think); the SLI craze is now subject to second-thoughts re motherboard choices, because anyone with a little forethought would've realized that companies like Gigabyte and ASUS would simply provide SLI functionality on a single board with dual-GPU's. A few SATA 2 drives are available, but the motherboard choices are limited. So me? I'm waitin'.
But case-modding is not dead for me. If I go with water-cooling in my next build, I'm still gonna duct the motherboard -- a cooling mod. And since "we're waitin'" and watching prices, I still put case purchases at the bottom of my priority list, preferring to get "free" used ATX-full-tower cases and modify them. The older models are sturdy, but the rear-chassis always needs some changes because they do not provide adequate fan-deployment opportunities. They don't have ready-made front-chassis openings for 120mm fans.
I was thinking about putting a window in my MOJO, but it will make things noisier, and then I will have to get some LEDs and cool-cathode-laser-lights in there. It is not at the top of my list, when I now have "cool, quiet, and fast" -- about as fast as any OEM machine you're gonna buy.
And frankly, if I go with water-cooling, it's going to be an evaporative "tower" cooler. The parts await purchase at Home Depot; I just need to iron out some details about how to power the DC fan and fit the shower-nozzle.