Whereas I'm a fan of AIO's. The HSF is ok, does the job. Somewhat noisily and erratically. You are basically stuck with motherboard software or bios for temp controls and basic fan curves.
Most AIO's of anything larger than the cheapo 120mm will include tailored software, specifically designed to get best (or at least user friendly) performance out of the cooler. So you have the option for silent mode or performance. As 240mm+ AIO's also have independent multiple fans (in parallel), the aggregate rpm can be turned way down as compared to the HSF, which is limited to 1 fan in series (back to back) with another.
99% of all AIO's leaks are not factory caused. They are caused by the installer trying to make the hoses fit a certain angle and stressing the hose connectors. With some care during install, the chances of a leak are extremely minimal.
But that's a personal choice. Too each his own. On their own, AIO's and HSF are pretty similar, in respect to their specific ranges. A 120mm AIO is roughly 140w TDP. So are the budget 120mm HSF. A very good 240mm is equitable to the large twin tower coolers in ability, as are the not so good 280mm. But thats where the similarity ends. Air cooling heatsinks are limited by motherboard socket space, ram clearance, gpu slot, case width etc so can only get so big. The largest AIO's can exceed those limits, so for ultra high OC or high OC on high wattage cpus aircoolers are limited. 250w+. The larger AIO's can exceed 400w capability. Big air might be similar in operation to Big liquid, but only at 250w or less. Above that, Big air can't touch Big AIO capacity. Only a full custom loop is superior.
There's only 3 valid reasons for your basic AIO's vrs air. 1: Looks. Some ppl just have that preference, they don't like the huge chunk of metal. 2: Capacity. If you need that level of cooling, Big air just can't compete. 3: Space. You can stick an AIO anywhere, doesn't even need a 120mm fan slot, it can be zip-tied to the hdd cage if necessary, stuck to case side panels and can offer the cooling potential of 160mm air coolers in a 50mm space.
There's only 3 valid reasons for air cooling over AIO. 1: Budget. Your best aircoolers rarely ever go over $100, a similar AIO will be more. Budget air is $20-$50, a similar AIO can easily be double that range. 2: See #1. Again. 3: Leaks. It's a possibility, even extremely slim as it is, but I've made house calls to reset a tripped breaker because some ppl are that paranoid about electricity issues.