About the first two points - as i said - you are right and wrong at the same time but i don't wan't to hold a dissertation about heat capacity now.
The last point however is wrong (or outdated, some years ago your statement was correct), air cooling can be as silent as water cooling, e.g. BeQuiet SW3 fans have only 28.6 dBa at 2200 rpm, at 1850 consequently less dBa and this with a massive air flow capacity.
For watercooling i prefer Noctua fans, more static pressure and airflow then Vardar with less dBa but you need to decide if the higher cost justifies the 1-3 degrees celsius less temperature compared to Vardar fans.