I for one am extremely happy that ASUS has decided to attach a water block to all of those heat pipes we're used to seeing. A setup like this, allowing a single water block to effectively cool multiple on-board devices, will do several things for water cooling enthusiasts. First and foremost, we won't have to spend another $100 or more on separate blocks for the northbridge, southbridge and Vregs, (although the motherboard price may be slightly higher) and secondly, our flow rates won't suffer from the added restriction of additional blocks/tubing (resulting in better cooling performance), and our tubing route will be that much cleaner.
Some (including myself) might wonder if the cooling efficiency of this setup might be increased if the water block were mounted on the Vregs, at the top-most part of the heatpipe chain. However, considering that some users will have a BTX case (where the motherboard is inverted), I think ASUS' design is best, especially since many enthusiasts argue that water cooling the northbridge doesn't offer any real performance benefit (Supported by the test results in this review) - so why bother with the southbridge or Vregs?
I was hoping to see some measurable gain, however small, with the northbridge under water. Oh well - at least now we can have those extra 10C without a 40mm screamer (a-la-680i).