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I would dare say the air to air is more efficient for daily driving. The air to water is best for drag racing apps. After heating the water during daily driving, it takes longer to cool to ambient (without the use of ice or a/c routing to the sump) and the commonly used radiators aren't very big. Once the water has been warmed from driving, it will take much more time to bring the temps down.
For all out drag racing, a little ice in the reservoir goes a long and powerfull way. The IC is the same material, so efficiency is similar with less surface area in the air/water vs. air/air. Once moving, the air/air cools immediately and the air/water would have to cool the heated water down before the charge air will cool. There are many good versions of air/water ICs, but after plumbing, parts, and work, the costs and (without the use of ice) benefits are near or more expensive with the air/water and a bit more weight...
I'd like an air/water and try some peltiers to keep the water cold.... a science project, hehehe.....
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