I also agree.
That said though, if you want you could get a large air-water front mount radiator (maybe something the size of a standard intercooler but not as thick) such as "http://www.frozenboost.com/product_info.php?cPath=216&products_id=1006&osCsid=3e93b8b21c1db67be19f186168387dcd". This will still give you the air-air intercooler look, but also cool down that water much better. (you could also add a second thermo fan if you do a lot of stop start). This would be a decent setup for the street.
From my research, Air-Air intercoolers cool better AT SPEED than air-water, but gains are made for Street, drift and drag (drift because sessions are short and there is less front-on air flow).
Now for the cool part (no pun intended). you could also have an ice box setup AFTER the radiator but BEFORE the water-air cooler. (This would allow a bit of the heat to be taken out before the ice box, meaning the ice box can do its job better and last longer). Drag racers tend to use dry ice (because it's super cold) but you can also use normal ice if you wish. This means that if you really want some kick ass performance from your 'cooler, just add ice! Adding Ice will give you better performance, even at speed because (in a good, well thought out setup) you can cool the air to BELOW ambient temperature (or much closer to it). That is something Air Air intercoolers can only dream of.
In short, daily driving, stop start situations (without ice) will have close to air air performance (for more weight and complexity). At highway speed you will make a loss (which is why air water is bad for circuit use).
Add ice however and there will be gains everywhere (but remember the weight!).
On a side note, mounting the battery in the rear will help you try to maintain a 50/50 weight balance, AND the ice box can also be mounted in the boot; heck you could even mount the ice box in the cabbin and have a section to keep your drinks cool! Also, try to wrap all of your water pipe in some sort of thermo wrap (maybe not between the cooler and the radiator... might have to research that) so the water remains nice and chilly.
And a final note: if you live in a hot climate like Qld, and you do things like drift, you might have overheating issues with an Air-Air intercooler. This is because the Air-Air type (good ones, not cheap chinese ones) dramatically restrict the amount of airflow to radiators etc. that are behind the intercooler. In a drift application (lots of heat, reduced front on air flow) on a hot day, this could be bad... Of course, it's not a problem on the street though ^_^
If you decide to go crazy, you could have an air air, then an air water hooked up to an ice box (with no radiator for the air water)... but let's not get carried away here...
Just some random thoughts
