I replied closed loop on the poll as I have more of these. I have two X58A-UD3R boards with Xeon CPU's one using H40 with an extra fan added push/pull and the other with a custom built water cooling system, I have a Z77X-UD5H, i7-3770k which also uses a H40 with extra fan and finally a H61M-S2PV, Pentium G540 with stock air and finally a P45-DS4 with Q6600 and a Noctua Air Cooler.
The custom water cooled system is easily the best cooling system but "bang for buck" I go for the all in one water cooling unless I want to do more than mild over-clocking.
The Z77X-UD5H, i7-3770k system is mildly over-clocked to 4.6ghz at 1.26v and the closed loop system copes OK - if I was to over-clock further on this particular setup I would swap to full water cooling as I can have 40C + ambient temps where I live.
The two X58A-UD3R boards with Xeon W3520 CPU's are both over-clocked to 4.2ghz, the H61M-S2PV with G540 is stock. The P45-DS4 is over-clocked to 3.2Ghz.
In terms of noise levels the the machine with the H61M-S2PV and G540 with stock fan is the noisiest but that is in a modded G4 case using the large stock fan in the G4 Quicksilver case. The other machines are not silent but noise is unobtrusive and actually allthough the H61 is the noisiest it is still not obtrusive.