We don't think we've seen a third party GPU cooler perform worse than a stock cooler, which doesn't say a lot about the latter really. As such, we were expecting better than stock numbers and we weren't disappointed. With our two Corsair SP120 fans at 12V, the GPU delta T of 33°C was a massive 39°C cooler than the reference cooler under load. That's a huge margin in anyone's books.
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Compared to water-cooling, there's still a big deficit here and our water-cooling kit coupled with the SP120s at an inaudible 5V still outperformed the Morpheus at 12V by 11°C. Dropping the latter's fans to 5V saw the delta T rise significantly to 49°C, although here it was blissfully quiet compared to the raging stock cooler, although even 12V was peaceful by anyone's standards. At 5V, it was still 23°C cooler than the stock cooler, so it would seem this is a pretty big victory for Raijintek.
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The cooling on offer here is awesome and the Morpheus is relatively easy to install with none of the risks involved in water-cooling. In fact, the noise reduction and cooling are far beyond what you could expect from any beefed-up off-the-shelf graphics card. However, there's one fairly obvious issue, apart from the fact that with fans installed it's going to take up half your case, which is that all that heat is blown back into the case, and relies on your case fans to be exhausted.
Most stock coolers do at least expel some or all of their hot air out of the case via a rear vent - not so here. As a result, you'll also need at least two exhaust fans to make sure you keep things in check and to ensure there's not a build up of heat and this is likely to be very case-dependant too. Apart from these issues, though, the Morpheus is probably about the same price as opting for a particularly fancy graphics card over a reference design, perhaps a bit more in some cases, but it easily outperforms them. It's also far cheaper than water-cooling. It's not great-looking with fans installed, though, but if you're more concerned about cooling and noise than looks and have no qualms about its size, then coupled with a couple of quiet fans, the Morpheus is a great way to drastically reduce your GPU's temperature and noise.