When making use of the right stuff, you can make a watercooled system very very quiet, even if it's a heavy or overclocked system. I know this Koolance towers to be good coolers, but I don't know about the noise they produce. Thery are suited for overclocking though.
If I could buy such a case for that price, I'd immediately do it. Why? Because the case itsself + air cooling is even more expensive than $100 (at least, here in Europe). If you don't want to do some overclocking, the case would probably be good for very quiet cooling (may require some light modifications).