Liquid cooling is almost a defacto-standard in data centers in the HPC world. The Top of the TOP500 machines are all liquid cooled. Not by choice, but due to physics constraints.
There is a big gap in power density between the HPC world and the usual datacenter-commodity-hardware world.
Commodity DS are designed with the assumption that the average machine will run with a fraction of it's maximum load. HPC systems at the opposite are designed to operate safely at 100% load all the time.
In a previous company where I worked, we attempted to install a medium size HPC cluster in a well-known commerical datacenter and network provider. The commercial of the DS almost felt from his chair when we announced the power requirements.