Ok, here's a scientific answer for a comparison of liquid vs air cooling, if you're familiar at all with thermodynamics this should make sense:
Let's assume a few things.
1) Let's start with a 600W light- and we'll assume it's 50% efficient (it doesn't matter how accurate that is for this argument) and we run it for 10 minutes. 1Watt = 1Joule/second. Let's choose a time period of 10 minutes. Let's also assume for comparison's sake that the water and air are both at 25C.
Ok, with our basis of 10 minutes, we are working with 3000J of energy to dissipate. With that, we can now compare the abilities of air vs liquid:
The volumetric heat capacity of air at 25C = 0.001297 J/cm3 C
The volumetric heat capacity of water at 25C = 4.186 J/cm3 C
From these two heat capacities, it should be immediately clear that water is able to absorb MUCH more energy per unit volume than air. But let's continue just to get a better idea of exactly how much more effective it is:
Let's assume we want to lower the temperature by 5 degrees from some initial starting temperature, and then we can calculate the volume of air vs the volume of liquid to achieve this temperature drop.
Air:
cm3 = 3000J/[(.001297J/cm3 C)*5C] = 462 606 cm3
Water: 3000J/[(4.186J/cm3 C)*5C] = 143 cm3
As you can see, liquid cooling is much more efficient- you would need over 3000 times the volume of air per unit time to achieve the same cooling effects as liquid water. This is why liquid cooling is used in cars (radiators), high performance computers, and many other industiral/commerical applications.