Looks nice. Why has nobody built an upside down graphics card?! It'd show off the shiny block (and lighting) nicely in normal builds (non-inverted). Sure, it would probably take out a PCI-E slot above the card.....but it wouldn't then take out a slot below the card and if you're building a fairly minimal PC that's not a problem.
At least Phanteks have left the acrylic edge exposed so you can see the edge light.
I have a similar thing with the grill on my overkill rad. It can only fit 20mm fans (25mm at a push) - which I think is a bit of a design flaw. If you put fans in at any sort of speed it makes the most horrible wailing noise. Thought the fans were really bad at first - they were as it turned out, but it wasn't the fans making the worst of the noise!
That does seem an odd decision to not make the ATX modular too. Obviously for 99.99% of uses you must have the ATX connected but it still opens up the options for after market custom cable lengths or sleeved wiring. I really don't understand why they don't just use the same socket on the PSU as is on the motherboard and have straight-forward one-to-one wiring. Would make it so much easier for sleeving etc.
Incidentally I'd avoid following the pic links to photo bucket at the moment as it tried to infect my phone with malware. Probably a dodgy advert/banner but it'd be nice if they made sure such things were clean before they inflict them upon you.