For $350, my opinion is that you can do better.
I'm especially skeptical of a TEC water chiller that doesn't use any insulation, yet doesn't seem to have the 'brains' to keep temperatures at or above ambient - maybe Greg's room really was at 13C (in November), or maybe he has dryers installed in a central air system, but condensation wasn't mentioned in the review. The fact that he hasn't mentioned his CPU getting fried is a good sign, I guess.
It's all about what you want to spend your money on. If you care about high performance WITH low noise, the ability to cool more than just your CPU and are willing to do the assembly yourself, then I'd say water is the winner for $350.
If you want a no-hassle installation and don't care about noise or cooling your GPU, then the Freezone looks nice.