Your water will never be below room temp and so there will be no condensation problems there, unless your room temp swings ALOT (eg. 5*C in a minute), even then you probably won't get any condensation. If you bring it inside from a really cold area then yes you might get condensation, but no more so than if you brought in a non-water cooled system in.
To sum up, there is no more chance at all of condensation with a water cooled system than with a hsf system.
PS. You did say strictly with rads so you can ignore this. You might have problems with a bong cooled system.
Edward
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