Liquid vs Air cooling, what build to go with?

Solution
If you plan on overclocking a lot then go with liquid. If you don't plan on overclocking a lot then go with air. At the end of the day it's really up to personal preference and how much you plan on overclocking. Personally I would go with liquid to always keep my temps cool, even if I don't plan on overclocking much and plus, a liquid cooler looks bad ass in a case with a clear side panel. But really choose whichever one you feel like you need.
Not sure where you're picking up that MSI mobo for $120.

PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-6600K 3.5GHz Quad-Core Processor ($233.99 @ SuperBiiz)
CPU Cooler: CRYORIG H7 49.0 CFM CPU Cooler ($34.99)
Motherboard: ASRock Fatal1ty Z170 Gaming K4 ATX LGA1151 Motherboard ($123.98 @ Newegg)
Memory: Kingston FURY 8GB (1 x 8GB) DDR4-2400 Memory ($29.99 @ SuperBiiz)
Storage: MyDigitalSSD BP5e Slim 7 240GB 2.5" Solid State Drive ($59.99 @ Amazon)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($47.49 @ OutletPC)
Video Card: MSI GeForce GTX 970 4GB Video Card ($289.99 @ Newegg)
Case: NZXT S340 (White) ATX Mid Tower Case ($63.99 @ SuperBiiz)
Power Supply: EVGA SuperNOVA GS 650W 80+ Gold Certified Fully-Modular ATX Power Supply ($69.99 @ Newegg)
Operating System: Microsoft Windows 10 Pro OEM (64-bit) ($29.99)
Monitor: HP 22UH 60Hz 21.5" Monitor ($100.98 @ Newegg)
Total: $1085.37
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2016-05-25 21:08 EDT-0400
 
If you plan on overclocking a lot then go with liquid. If you don't plan on overclocking a lot then go with air. At the end of the day it's really up to personal preference and how much you plan on overclocking. Personally I would go with liquid to always keep my temps cool, even if I don't plan on overclocking much and plus, a liquid cooler looks bad ass in a case with a clear side panel. But really choose whichever one you feel like you need.
 
Solution

http://www.newegg.com/Product/Product.aspx?Item=N82E16813130915
Its currently sold out, but when i made the list a day ago, it was in stock.
 


The GQ is a Tier One psu, and has a rating of 9.4 on Johnny Guru. I thought it was better. And what about the Nex650G?
 


No you don't want a Nex650G, I'd stick with the GQ or go with the G2. Both builds look pretty good to me, I'd personally go with the air cooled over the liquid cooled. Most low end liquid coolers don't perform any better than high end air coolers.
 


I was going for a Black & White Build, and I think I can scarf up the money to buy a liquid cooler for an extra $50, would it be worth it? Maybe a DeepCool Gamer Storm Captain 240 White.
 


I'd say go for a dual tower air cooler like the Cryorig R1 or the Phanteks TC-14PE, either of those will be better than any 240mm closed liquid loop you can buy. But also if you insist on that, go for a Cryorig A80.