Well ... beauty and magic are usually in the eye of the beholder and I guess that some of us are still finding them this way or another
Anyhow, I upgraded to WC purely because of the noise, not enough airflow in my case for any type of air cooling and much more importantly - FUN. Yes, fun is important to me and strangely enough it's there even when I just refill system with the new coolant and watch all that water rushing in. There is also fun in hand-picking the components, coolants, plumbing job, looking at your stunned wife/girlfriend when she observe the geekish water pouring action into your "aquarium" and, of course, greatest fun of all is when you flick that power ON switch
Now, I have much better temperatures, silence and FUN - something I can't say for the air cooling.
It's complex & interesting topic and Joe is right. It could quite easily evolve into the editorial.