Yeah that's what I'm thinking. Bottom line for all the 5090s right now, and this is literal, they can go past 600W TDP because that's the limit of the connector. Granted that's not taking into account power from the PCIe but NV has locked memory overclocking and I'm guessing that might be way since mem can be very power hungry.
Biggest advantage for liquid cooled cards is temp and noise levels, something this does exceed at, seriously rocks on that level, but I don't think that's worth $500 more for it. Still on the fence but having doubts. Need to do more research on some other details as well. Still very early in the game for this stuff as well.