[750hp]

I just saw that you'd replied to this topic - sorry!

OK, we'll probably agree that we're both right, and wrong!!!

Water dissipates heat more efficiently than air, and as such is the undisputed winner in drag racing and dyno competitions.....

BUT....

In extended applications (circuit racing), the ambient air will provide a better cooling medium than a fixed amount of water that can't keep up with the increasing temps. The heat exchanger in an air/water application is using air to cool it. As such, you've taken lots of heat from the intake air charge, but the (70%) efficiency of the heat exchanger means that the water retains some temp. Next time around, it retains a little more, then more and so on. At the end of 5 laps of Qld Raceway, I bet the water in the air/water intercooler is pretty hot. At the end of 500 laps at the same track, the air that is cooling the intake charge on an air/air setup is still ambient temp.