not really. Good air cooling is still a winner (Silver Arrow, NH-D14, Phanteks, that K2 Mount Doom).
But, the water cooling allow you for any ram, or can be an option if space in the case is limited (side panel too close).
The H100 probably got the air coolers beat, but it'll be noisier and harder to fit in some cases.
H80 / 920 around the same performance as that K2 I suppose. There's only a few degrees between all of them. I prefer air cooling for low noise and simplicity.