<< acting as a temperature reservoir of sorts. >>
A bit true, but the main reason is the fact that the peltier doesn?t always pump away the same amount of heat from the coldside, so some parts of the coldside are usually a bit warmer then others. The cold plate distributes the temperature evenly.
<< Another thing, TEC's aren't the best way to cool your processor. Liquid nitrogen is. >>
Nope, TEC-STACK cooled by LN is... Usually found in 3/5 stage configurations. Can reach lower than -210 (63.15K).
Also pick a peltier for your needs, consider the correct; Qmax: DT = 0°, I = Imax, V = Vmax, and TH = °C.