There are still variables to A/W setups, they won't always cool the intake charge better than A/A. You have to take into consideration the core size, size of the heat exchanger and airflow to said heat exchanger. Don't forget about the added weight and complexity of the lines and pump. BUT...and it's a big one....the benefit to a A/W is that you can fill the reservoir with much colder liquid (read: ice water) and get much cooler IATs, for short amounts of time...great for drag racing. I know with the older supercharger kits for Miatas, Jackson Racing had a nifty A/W cooler (since running A/A is a PITA in a Miata) and a lot of people used it because it was the only viable option for reducing the insane intake temps of the s/c. It was known that they would heatsoak very quickly and efficiency would drop off with extended hard driving. It still cooled to some degree, but not as good as a FMIC.