Well realneil I think basically your missing or not taking into account the reduction in heat. I think the cards without water cooling run about 90 so a 40 degree reduction in heat is very good. I just like the way the rig looks to very understated and quietly strong looking water cooling implementation. I am of course not really worried about an Nvidia GPU right now, although I like seeing it come out, because AMD/ATI had no competition at all. A market with no competition is a sad market for a consumer.
I really just regret the time they took. ATI has the DX11 market largely in the bag now. Plus you know they have been working on the upgrades to the 5800 series as well. I imagine this card will be out to about mid summer, then ATI will debut whatever there answer to this is. I think the first will be a fully updated 5970 with 2 x 5870 GPU's, rather than the current 2 x 5850 GPU's with 2 gig's at least of memory maybe more.
However; if anyone recall's ATI/AMD was already talking about upping there R&D game a few months back. So they may just have a 6000 series coming mid summer to early fall. Who knows, but I have not heard a word about what they will release next yet anywhere.
Either way I think this card if I were considering it right now would have to have a cooling implementation like this or better. The energy/PCI-X bus usage is one thing, the heat is a whole added factor. Think of one of these in a system cooled on air with 12Gb memory 2 of these and a 6 core processor, I guess it will lower your heating bill (maybe your electric if you use a space heater in your room) as well!