I posted something along these lines a couple of days ago. Short answer is yes.
As long as you have at least one case fan as exhaust, you will be better off having the fans sucking fresh air as intakes AND pushing through the radiator.
Pushing is always better than pulling. And intake is almost always better unless the case has really poor airflow (i.e. if there is no exhaust fan for instance). If you've got everything (i.e. CPU and GPU) on water, then intake is the way to go no matter what.
If you've got multiple radiators things can change a little bit depending where the second rad is installed.
* I think having a second rad as intake at the bottom is a mistake from a dust standard point, so I have to have a rad at the bottom, this one would be set as exhaust.
* If a the second rad is on the front, I would put this one as intake.
* in the case of the second rad is a 120 (or 140) on the rear (next to the MB i/o's) I would set it as exhaust.
This doesn't cover all possibilities but these are the most common cases.
Also remember that you do NOT have to have as many intake fans as exhaust. I read this way too many times. A case isn't a sealed system, even with NO exhaust fans, don't worry, air will find its way out.
Take the example of our CES System #5: 3 radiators (top, front, bottom).
* top: intake
* front: intake
* bottom: exhaust
Rear fan was an Helix 140 as exhaust. We could have done all 3 rads as intake with just the rear 140 as exhaust with no problem.
Edited by stephenm - 2/28/13 at 11:46am