Is Liquid Cooling System Better Than The Conventional Fan Ventilation?

Howdy,
I have heard about this new fad circulating over the internet about the use of Liquid Cooling System to cool down a personal computer unit. When I first read about it I was very much excited to get myself one. Is it really better than the conventional fan ventilation system? How much will I spend for rigging such system? Can anyone give me a tutorial of how I can build a rig like this?
This is a photo I found in Google.
http://t2.gstatic.com/images?q=tbn:ANd9GcQobCxJq9AuPrek5b21Pn8EKYcceKZBgobLLr97EQlLNT9tvQDwwUiaMW2G
Thanks.
