It's between the board and the waterblock. It needed to go on first because there is a screw that needs to go in before the backplate is in installed.
I'm considering picking up a couple of these, I was planning on waiting until spring and getting them when I get everything for the rig I am going to build then and I had planned on getting the ones with the waterblock already attached, but I've started considering grabbing a one of the air cooled ones now and then buying the waterblock for it when I order a second water cooled for the full build in the spring.
My current rig has a i7-930 @ 3.4GHz and a Radeon HD 5970 2GB. I currently only use a single 24" 1920x1080 monitor in the spring I want to pick up a couple more 24" LCDs to go with it, or maybe a single 27-30 inch monitor with a res higher then 1080p