niche* /spelling nazi.
Yep, that pretty much sums it up. For high end applications it may not even be feasible much longer to include video cards. OTTOMH I can't think of how many rads would be required to successfully cool an i7+2x480s, but I would think it'd be somewhere around 2x(3x120's).
To keep your processor stable under over-clocking though is really why WC'ing exists. So as long as you can over-clock, and stability is gained by WC'ing, I think you'll continue to see enthusiasts seeking it as an option. Doesn't really make set for budget minders who aren't interested in over-clocking, or the avg. consumer, as it doesn't provide a benefit otherwise (other than reducing dbs).