This seems like a very interesting development in many ways. High end GPUs would benefit a lot from water cooling as you can put the radiator in a far more convenient place than on the card itself. With the added CPU loop, you can use cases that would otherwise not have room for a decent tower cooler.
Of course everything depends on how loud the pump is. I'm also a bit confused on why the standard fan is left on the card. Does the water block cover only the GPU itself?
Any ideas on small (ITX or micro-ATX) cases that would have room for the 12 cm radiator?