I am in the process of redeploying an air-cooled dual 2.0 GHz G5 system that was purchased when they were first announced in the fall of 2003. I already have its replacement as described in my profile below below and it is liquid-cooled. The liquid-cooled system is quieter, the fans don't surge as much and what noise it produces is more like a 'hum' or a 'hiss' rather than the roar produced by air fans.
Not that it doesn't have its share of fans! I count eight of them: two in front of the processors, two more behind, one in front of the expansion bay, one on the graphics card, one in front of the hard drives and another behind the drives -- exactly the same number and configuration as the air-cooled system.