I'm no expert on it, but a bit of comment I didn't like hearing was that since temps were so low water may not make much of a difference to the maximum overclock. I'm on water 
The air cooling they've been doing though has been on stock coolers, and as far as I know they've not gone to great lengths to cool the VRM, which apparently is a stumbling block.
My 940 II will be on full custom water, so I'm hopeful of exceeding 4Ghz by a fair margin. Bleeding cost a fortune to get a VRM block for it :/
Something that surprised me was benches shown at the presentation (the i7 machine was verified as not crippled) with Crysis framerates higher on the Phenom than the top i7. That'll be surprising if it's true.

The air cooling they've been doing though has been on stock coolers, and as far as I know they've not gone to great lengths to cool the VRM, which apparently is a stumbling block.
My 940 II will be on full custom water, so I'm hopeful of exceeding 4Ghz by a fair margin. Bleeding cost a fortune to get a VRM block for it :/
Something that surprised me was benches shown at the presentation (the i7 machine was verified as not crippled) with Crysis framerates higher on the Phenom than the top i7. That'll be surprising if it's true.