Water. I've had it for three years now and all the leaks there has been have been my own fault and caused by piping connections in DIY watertanks. I have water blocks only on CPU and GPU, chipset and memories rely on the airflow from front fan. I have one 120mm fan in the front pushing air inside and one 120mm in the back pushing air out of casing and through the cooler. The forward fan operates at 6-7 volts, and the rear fan in the cooler is controlled by the BIOS and aims to keep the temperatures at 50C. Normal temp for CPU is between 40-55C depending on the load and GPU rarely peaks at 60C under heavy load.
The most problematic for me was to find silent 120mm fans. After a few bad purchases I tried two fans tested by some overclockers site and those were really silent, especially if run at low voltages. Fluid bearings and as many blades as possible and it will move air even at low speeds. The comp still keeps noise but its a very low monotonous hum and doesn't bother me at all.
On water tank i have located the incoming flow higher so that it starts to keep a bubbling noise when the water is low so I know when to add some.
AMD 4600XP DC, NV8800GT, 2xKingston HyperX 400MHz 1Gb, 3xHDD, Cooler: Black Ice GT Extreme 120.
-C+