That's what I'm thinking makes the difference. Basically the water works as a heat reservoir, absorbing more heat energy. I guess as it heats up, the speed at which heat is lost to ambient increases, offsetting the decrease in heat absorption from the chips. I'm sure there's all sorts of numbers that can be crunched to explain what happens.
But if so, surely the size of the reservoir is important? This reminds me of the oil-bath PC that Al linked to a while back. That cooled passively, using the whole surface area of the PC to disipate heat from the oil. My ill-informed gut feeling is that you need a decent amount of water for it to work.
Yup. So everything has a heat capacity, which is the amount of energy it can absorb before its temperature rises by a degree C (or Kelvin). Everything also has a thermal conductivity, which is essentially a description of the rate of energy transference through a medium, this is important for heat dissipation.
Water has a heat capacity of ~4.2kJ/(kg Kelvin), copper is significantly lower @ 0.385, and Al is higher @ 0.897. You can clearly understand how the amount of material is important - less material, higher temp per thermal energy)
So why bother using copper? Because of the thermal conductivity (W/meter K). This is why you see copper cores at the center of the heatsink solution or copper heat pipes. (Cu is 401, Al is 237 or lower if not pure Al, and water is a pretty awful 0.6).
Ideally, you want to remove heat from the chip the fastest, transfer it to another material with a large heat capacity, and then finally get rid of the heat to the air, which is where surface area, ambient temperature and external factors (i.e. fan speed) play a role.
In either case of water cooling or metal heatsink, you want copper to start with. From there you're going to have to balance out the amount of water or the amount of aluminum to which you're going to shunt that heat. Clearly, water's high heat capacity means your temps aren't going to rise much (per kg). On the other hand, Aluminum will naturally be pretty hot relatively. The last step really is transferring heat to the worst conducting medium - air.
In the case of aluminum, it's a pretty straight forward step - the greater the surface area, the greater capability to shunt thermal energy away. With the water cooling, the heat within the water has to transfer to a radiator because, let's face it, we don't have a pool of huge surface area to expose to the air. But we know that heat conductance is pretty shit for water, so getting rid of the heat will depend on the surface area contact between the water and the radiator fins, of which there should be lots, because there's the final step of removing the heat from the circuit and into the air.
So... what does this mean? Well, we should probably stick to a particular weight limit because the company is going to have to ship millions of these things. For both, we might just assume the same size fan and keep that out of the equation just because it'll have to be a limited size for a console anyway.
An upper limit of 1kg for either cooling solution might be possible. That's 1kg for water + radiator + tubes + processor blocks, or 1kg for the copper/aluminum heatsinks.
The ultimate heat capacity of either solution should be easy to ballpark, but you might consider that the amount of water will be fairly low when you factor in the rest of the components as well as the amount of tubing that can fit within the console (aluminum radiator, copper processor blocks, tubes, the pump).
And that's one big question isn't it: how much tubing can you fit in there such that everything adds up to our designated maximum weight limit? I'd say the copper blocks are easiest to work out for weight given the surface area it needs is going to depend on the processor's heatspreader. Then it just only needs enough for water to pass through within. How much may depend on how powerful the motor pump is since you need to push the water back out of the confines of the copper block. How big does the radiator have to be? Well, I suppose you don't want the fugly piece of shit to be too obvious on the console. I don't know... how about no large than the dimensions of the console so that it's not "hanging out" nor just asking for it to break off by accident.
It's easy to figure out how much aluminum and copper you want for the conventional solution. The easiest is perhaps a copper core that matches the surface area of the heatspreader on the CPU or GPU, and then have the rest of the heatsink be aluminum. You can work out the height needed from the densities of aluminum and copper. Whatever the thing actually looks like (after molding the fins and whatnot) is irrelevent. We're looking at keeping the weight consistent.
Lastly, there's the cost, and I gather this is why Mfa brought it up, but just looking at the components and amount of the key materials (copper, aluminum, water), the BOM at least could very well be lower for water cooling, but that does not include the increased costs for assembly nor any consideration for reliability (hard to put a dollar figure on faults per thousands or millions of units).
And that's all I have to say for now.