water has about 300times the thermal capacity of air... the key to a street driven air/water intercooler setup is a proper heat exchanger... one of the cheapest ways to get a good exhanger is to run the water through an AC condenser... plate style transmission coolers work great, but they're pricey.
for someone who hauls a lot and is constantly under steady high boost levels, the air/water won't really gain you much...
BUT, for running empty, if you've got a good heat exchanger, what happens is the water is generally kept a little warmer than ambient air, but when you get into the boost, the waters thermal capacity cools the charge air MUCH better than an air/air cooler. now... the water will heat soak obviously, but it'll cool great when you lay into it briefly to "pass" that powerstroke or Duramax, and then when you go back to light throttle, the water is cooled back down by the heat exchanger.
NOW, another added benefit of the air/water setup is being able to add ice to the resovoir at the track. this can actually drop charge temps BELOW ambient!!

that's tasty stuff right there
now, will that little intake mounted cooler do all this? don't know, it's fairly small... I've been wanting to experament with one, but getting one to fit under the hood of my 2nd gen poses a challenge, and the cost of the cooler and lines adds up to about the same price as a NICE aftermarket air/water cooler that would work FAR better than ANY air/air cooler you could ever dream of fitting.
Forrest