..but all the IB reviews I've read today are overclocking using air. Surely there's more headroom with a watercooled system. Your 2500K for example, is watercooled but the reports i've read the 3750 can hit 5GHz on air.
Yes, but not as much headroom for anything less than a very decent WC setup. The problem with IB is that it will reach a point where the temps go from 70c full load to 95c full load with only a very small increase of volts and any cooling you have needs to be able to dissepate this very quickly. No oners got a 3570k on 5Ghz on air, if they have they will of killed the chip as temps would be around the tjmax or throttling.
I've seen 4.9Ghz on a rasa WC kit iirc but even then temps were much higher than you'd want for 24/7 use. The difference between reasonably cheap WC and high end air is about 10c on SB, it's about the same on IB but the huge jump up in temps with only 0.1v or less will eat this up instantly so you're looking at multiple rads to get 5Ghz for a 24/7 clock.
Check out this thread for what it can do on chilled water: http://forums.overclockers.co.uk/showthread.php?t=18385536
This is what you'll need for IB to surpass SB as you may hit 5Ghz with lower end WC but the Sb will still do more upto a certain point.