I kinda like it, in theory at least. These guys exploit phase change technology in a simple low-tech way, like a heat pipe or a refrigeration unit. no moving parts, just moving vapor, liquid, and heat. The trick would be in finding the right liquid, one that evaporates and condenses at reasonable pressure and temperature, non-flammable, preferably non-toxic, and that can carry the btu's.
We may be looking at the wave of the future, given that processor speeds will soon reach into the microwave range,according to dr tom, and that EMI shielding will be more important than ever. Being slowly cooked alive by my pc is rather unappealing.
Going a big step further, silent miniature absorbtion-type refrigeration units could be employed, condensation being no problem in a system filled with inert gas and sealed up like a double-pane window. Changing the video card would be another story.