Why would you even want liquid cooling in a laptop? Most people wouldn't, not like this anyway. But the ROG GX700 isn't for most people, it's for enthusiasts who want true desktop-class performance in a notebook form factor. Yes, the ROG GX700 is bulky, and while it's miles away from an Ultrabook in terms of portability, it's still more easily carried from point A (your home) to point B (perhaps a LAN party across town) than a tower setup.
It also boasts an NVIDIA GeForce GTX 980 GPU with 8GB of GDDR5 memory. Don't confuse this for a GTX 980M, this is a full fledged desktop GPU that's been cherry picked for laptops, offering desktop class graphics performance.
Other features include up to 64GB of DDR4 RAM, up to 1TB of solid state drive storage, USB 3.0 connectivity (including a Type-C port), HDMI and DisplayPort output, and of course Windows 10. On the display side, the ROG GX700 has a 17.3-inch Full HD 1080p panel with G-Sync support, or you can opt for a 4K resolution display.
ASUS says the ROG GX700 will ship out later this quarter and will release pricing information at that time.