From my perspective, I have gone AIO for many years, even though the very best Air Coolers can be better. The main reason I do not go the Air Cooler route is just becouse of the size and weight of metal hanging of the CPU and of course the looks, though this is of course subjective.
On the other hand, my experience with AIO's has been more than positive as I have never had a failure (though these do happen) and I am going back many years with my first AIO which was a Corsair. I have since had around 4 different AIO's all Corsair except for my most recent one which is a 360mm AIO from Antec.
Why have I gone AIO, becouse I find them easy to install and live with. They provide a constant level of cooling which never really deviates and at worse maybe a couple of degrees of the best Air Cooler in the Noctua NH-d15 etc.. The sound levels are also very good with a quiet profile and that only ramps up as the load increases but never bad...The AIO you are thinking about in the Cooler MAster Liquid Lite 240, is very cost effective, in fact cheaper than the very best Air Coolers from the likes of Noctua and it will do a solid job...It just depends what you want, in terms of cooling they will do a good job...Just my thoughts.