I believe that water to air is not so favourable for prolonged running....say in a race situation...because evntually the water heat soaks and can not transfer heat quick enough when it passes through the heat exchanger.
A supercharged MR2 I used to have had one fitted and on the road it was great. The intercooler was always cold to the touch however if you got up it for any length of time it would get pretty hot.
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