Enthusiast motherboards with watercooling seem to be the new trend at CeBIT this year. Hexus has some info about a new nForce 790i Ultra SLI based motherboard from Foxconn:
The 790i will compete squarely against the X48 as the chipset of choice for the enthusiast looking for ultimate performance with a 45nm Intel LGA775 CPU - presumably a high-end, quad-core (Core 2) model.
Both support DDR3 memory and, in the case of the Foxconns, the impressive Quantum BIOS. The real choice, we suppose, is which graphics cards you decide upon, as that predicates board purchase.
Of course, being an NVIDIA chipset and having three full-bandwidth PCIe Gen2.0 x16 slots, three-way SLI will is the clinching factor here.