I don't get it . . . the system still generates heat - it is absorbed by the fluid rather than into heat syncs.

Over time, heat will build in the fluid and have to be moved elsewhere - probably with fans.

So, I don't see the savings - the fluid is just another heat sync, but with more capacity.

At home, I sometimes find an empty room with the ceiling fan running. I ask my wife and she says it is cooling the room. The reality is that the ceiling fan adds kinetic energy to the room, which results in raising the room temperature. But she insists the room is cooling. Go figure.