I just wanted to chime in here on a couple of points:
True, but the actual quantity of liquid in heatpipes is insignificant compared to what's in a water loop. Most of the heatpipe is empty (or rather, filled with gas), with only a small amount of working fluid. The working fluid boils and vaporizes at the hot end, travels to the cold end, and turns back to a liquid state, where it's wicked by capillary action (sintered powder or other materal) back to the hot end.
@Thehack's point was that there's enough water in a water loop that it takes a while for it to heat up, providing a kind of buffer to your CPU temperature. You'll see this in action where it can take 10-20 minutes or longer (depending on exactly how much liquid is in the loop) for temperatures to stabilize during a load test, whereas with an air cooler temps will hit their peak pretty much instantly.
You can, but there's a trade-off between surface area and airflow restriction when you increase fin density, such that you need higher CFM/static pressure fans to make use of the increased surface area. That means more noise, of course, so you have to decide what's important.
Radiators have an advantage in that the fins can be made significantly thinner than air coolers, allowing them to have a higher surface area to restriction ratio. If you've handled a rad before, you'll know that the fins are tissue-paper thin and fragile because of it. In comparison, an air cooler's fins are typically much thicker (though still <1mm), so you can't pack as many into the same space.
Another advantage radiators have is a more even distribution of heat throughout the rad than air coolers can manage, resulting in more effective use of the available surface area.