Yeah, for drag racing it can be a bonus to get cooler than ambient air. I was contemplating running an air/water IC on the street, building it myself, but good grief there is a lot of plumbing and wiring. I was simply not looking forward to toting around all that water, and still having to plumb a giant radiator out front to keep it cool - perhaps not necessary on a drag-only application, but very necessary for the street.
I gave in and got an air cooled FMIC, and it works great.