First of all, the article link, because tom's hardware does a much better job than I with articles: http://www.tomshardware.com/news/alphacool-gpu-cooler-customization-service,26675.html#react26675
Alphacool has split full cover graphics card watercooling blocks into two pieces, a custom heatsink plate for everything but the GPU, and a modular waterblock for the GPU itself. Here is their picture:
Sorry, that's a big picture, but that's the only one they had.
The goal is better compatibility, because you can buy any design they have archived, and you can send in cards they don't have archived (and they'll give you the block, heatsink and backplate they make for it for free if you send one in that they don't have), as well as a better price for it; they say it will be around 60-80 euros, or about 80-120 USD, depending on the card.
Of course, because the water only goes into the block for the GPU and doesn't flow over the power delivery or memory, it won't perform at the same level as a traditional full cover waterblock, but the goal isn't to replace that.
Personally, I think this is really cool, because we can get cheap watercooling solutions for custom PCB cards that are made to be overclocked, but don't have a waterblock designed for them, and it's less noisy and finicky than the NZXT G10. However, at the same time I don't know if I would actually buy one, because watercooling is fairly niche and I don't have the skill or the money to make it worthwhile, even with cheaper solutions like this one.
PS: this is my first time posting a news topic, so if I did anything wrong, let me know and I'll try to fix it.