| Higher heat transfer coefficient than air.. But I still see where the efficency of the system comes down. As the water heats up, your rate of heat transfer will go down - less efficient. You would have a higher change in temperature (delta T) between an air to air intercooler. But once the water of the water to air system, came up to temp, the heat transfer should be greater from water to air; at the same delta T. Making the intercooler part of the system less efficient (smaller delta T) but the radiator more efficient. But you want to maximize the intercooler heat transfer, so this is less efficient.
I'm kinda thinking out loud, so sorry if that doesn't make sense or is completely wrong - it helped me understand it by typing it out.
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