Ok, I finally received my Coolit OMNI for my GTX470 and put it all together.  Here are some initial pics and performance numbers.
 
Install
You definitely need a case with a lot of room.  The removal of the stock fan is just like any other, remove the 2 screws on the mounting bracket, and the 16 screws on the back of the card.  Then with a slight twisting motion, pull the stock fan off of the card.  (For some reason, the manual tells you to first remove the plastic cover from the fan, the turn the card over and remove the screws.  This is an unnecessary step in my opinion.)  Once the stock fan has been removed, clean off the GPU surface with your preferred method.  Then place the block/interposer plate face down with the thermal pads and TIM facing up, and lay the card down onto it making sure to line up the mounting holes.  Replace the screws and you are done.  Mounting the rad is going to be different depending on your case, but I give a description of how I mounted it below.
 




Look at the awful application of stock TIM


I forgot to take any pics while I put the block on the card, but it is really straight forward.  There are a total of 18 screws to remove to get the stock cooler off.  The OMNI only uses 9 of these.  It came pre-assembled to me, but the instructions tell you how to assemble the interposer plate with the block.


Because I had no room in my Antec 900, I had to mount the rad as an intake fan in place of one of the HDD cages.  This works, but it is merely squeezed into the hole precariously, and not actually mounted because there is no way to do so.  Looks like a new case is in order.

 
Now onto the really good stuff.  
 
The performance  
 
Volume
First of all let me say that this thing is amazingly quiet.  When I put it in, my PC went from so loud that I had to turn up the TV to hear over the computer, to virtually silent.  I do not have a db meter so I can't give you any numbers, but I assure you it is dramatic.
 
Testing
I ran the card running at 657/1314/3404 using both the stock HSF and the OMNI with no voltage adjustments.  I left the fan speed set to auto in Afterburner for the stock HSF.  There is no adjustment for the fan on the OMNI that I could find accept with the use of Coolit's soon to be released Maestro software, so it ran at default fan speed.  I ran Unigen Heaven benchmark with tessellation enabled, DX11 on, Shaders set to high, Anisotropy set to 4, no AA, full screen at 1680x1050.  Basically default settings.  I also ran folding at home with GPU3 enabled for 10 minutes.  Both stressed the card to 99% usage.
 
Results (This is where it gets good)
Stock HSF
Idle temp 41c
F@H max temp 72c
Unigen Heaven max temp 82c
 
Coolit OMNI
Idle temp 33c
F@H max temp 54c
Unigen Heaven max temp 60c
 
 

Nice results Tweaked, do you know what the stock compound is on the Omni?

Very nice m8

yellow__fever

Nice results Tweaked, do you know what the stock compound is on the Omni?

 
It's their own compound.  They do sell it, but it is of their own design.

Thanx for the review, I'll have to check this out. I say BR

Good job!!!...Thank you for posting this.

Give yourself a BR, sir!
Indeed I think you are in the market for a full tower.

I wonder if this would work for 3 way setups and if the lines are long
enough to put the rads in the bottom of my tjo7 case

foxmino

I wonder if this would work for 3 way setups and if the lines are long
enough to put the rads in the bottom of my tjo7 case

 
No, they will only have a two way version.  The hoses are pretty long, but not detachable, so it may be tough getting it in the bottom of your case.  As for the pump, you cant even hear it when you put your ear right next to it.

eppopipe

Nice temps, I like this.
However here is my dilemma, Im trying to help my cousin get his temps down on his 470 sli and 930 @ 4ghz. He would like to buy a couple of these coolits & a H70, however at that point wouldn't it be more cost effective to just build a full loop?

Yes, you could build a full loop for about the same price, but there are a few other considerations.  With a custom loop, you have to worry about maintenance, and proper setup.  Also, if you get one of the OMNI SLI versions and a Vantage for the CPU, you can get the Coolit Maestro software to control the fan speed, cooling profile, and lighting options for both the Vantage and the OMNI from within Windows.

Tweaked

eppopipe

Nice temps, I like this.
However here is my dilemma, Im trying to help my cousin get his temps down on his 470 sli and 930 @ 4ghz. He would like to buy a couple of these coolits & a H70, however at that point wouldn't it be more cost effective to just build a full loop?

Yes, you could build a full loop for about the same price, but there are a few other considerations.  With a custom loop, you have to worry about maintenance, and proper setup.  Also, if you get one of the OMNI SLI versions and a Vantage for the CPU, you can get the Coolit Maestro software to control the fan speed, cooling profile, and lighting options for both the Vantage and the OMNI from within Windows.

Agreed, however a full loop would yield better temps, I mean mine does :)
However the idea about no maintenance is nice, but the case is a HAF932, so it will need to be dusted regularly too, so whats a little extra maintenance? got any info on the SLI version?

Amazing
Great Job bro, agreed... Blue Ribbon and commissions from CoolIt!

im getting that water block with my new gpu when i get it with a nice tec cooler pluged in :)

Very nice review Tweaked!  Get yourself that new case and then slap two performance fans on that bad-boy and you'll be all set.  The temps you are showing are great considering you are using the stock fan.  It can only get better with a push/pull setup like Yokes did.
 
Very nice!  Congrats bro!

Ravenmaster

These watercoolers are fantastic but the price is an absolute piss-take. They cost half the price of a 480 itself. Not good value for money i'd say. Especially since in Spring, Nvidia will most likely be bringing out revision cards and soon after, Kepler cards which will no doubt have better stock cooling and a die shrink.

My i7 940 cost me around £400 and my corsair H50 cost me £60. If the Coolit OMNI's were priced more like that i'd buy 2. One for each 480. But as they are they are just not cost effective. Same with SSD prices - £1000+ for a 500gb drive when u can get a 1TB HDD for £50.

Well, many people don't see it that way.  I know many people, who I put together computers for, that don't want the hassle of a custom liquid cooled rig.  Many of them don't even care about the temps; rather, they don't want the noise associated with Fermi stock coolers.  One of the other nice things about this Omni setup is that you don't have to purchase a whole new unit when the next gen cards are released.  In theory all you need to replace is the interposer plate (the block part) and everything else remains the same.  So, you can use this from new card to new card (as I stated - "in theory").