Its 1 step up from junk. If you buy a mass market cheap kit it will work mabye as good as air cooling.
I bought some really good stuff from Danger Den, Swiftech, Hydor L35, CoolRad and Tygon.
All of it was about $225. That is a huge difference from what you are talking about. But when I am done it will be great. If you need to see picts check out my project log,