I wouldn't ever set my volts to auto, it doesn't offer enough control and I've seen my motherboard ramp the voltage up to 1.49/1.5 trying to maintain an overclock when that voltage wasn't actually necessary.
I can't speak for the rest of the guys on here, but one of the first things I disable is speedstep, so I aim for the lowest stable voltage for a given clock. There is some work involved with overclocking still, although it's very much easier than with 1366 and earlier sockets.
Watercooling is a contentious subject, some don't trust it, some don't like it, some don't see the need at all.
I use it because I run both my current rigs folding 24/7, my 2600k is @ 4.8 Ghz with a high of 58 degrees over the last week, and my QX6850 is @ 4.2 Ghz with a high of 61 degrees over the last week. I couldn't get close to those temps/overclocks using my NH-D14.