Will searing meat before braising it improve the flavor?

I have been making this simple brisket recipe for years and it usually comes out great.
Marinate with lemon juice, mustard, salt and pepper. Then cover with water and cook slowly for a couple of hours (not fully cooked at this stage). Cool. Slice. Place in oven-proof serving dish and cover with a BBQ type sauce. Cover the dish and finish cooking in a moderate oven.

My questions are:
Would searing the meat before cooking in water improve the flavor of the meat?
Does one take the meat out of the cooking water before OR after chilling for the best meat flavor?