I have documented it a little in
my old post here, that I may add to with this latest install (I swapped out my old Gigabyte board for the Asus Friday night, completely cleaning everything and reapplying the duct tape.) It is a push/pull setup... when I first got my 2500K I was having some serious heat problems and was doing everything I could to reduce CPU temps in LinX (what I use for stability and temp testing.) In my not very scientific results the CPU temps dropped a few degrees in LinX, that's why I really think a ducted fan/exchanger combo would be a boon to air cooling.
Not really. The problem with the air rushing out at the sides of the heat exchanger is the air isn't taking the heat (absorbing the heat) off the aluminum fins of the exchanger, escaping too soon. It's the same thing as my example of a liquid cooling loop with a bypass... part of the water is not there to physically absorb the heat.
The most efficient part of a fan blade is the very tip... it's the part of the actual vane that is travelling fastest... with less and less efficiency as you go toward the hub, and, of course, no help at the hub at all. You are losing the most efficient air flow almost immediately out of the gap between the fan and exchanger, and then, more so, from the open fins of the exchanger. It does take power to drive the air through the exchanger fins, however, and that's where the push/pull setup is more effective.
Here is a better shot of the gap between the fan and exchanger... I'm going to guess you lose upwards of 40% of the air out of those gaps (top and bottom.)