GDII - yeah the water to air is better than the air to air on top that suffers heat soak, but at speed will never be as good as an air to air front mount, in terms of actual cooling - the charge is being cooled directly by the cooling source (the fresh air on the intercooler) as opposed to another medium being cooled by the cooling source, this makes it more efficient.
Where the water to air has advantages are at low speeds and in traffic, as water is more resistant to temperature change and so can maintain it's cooling effect after the car has been stationary for a short time, and also there is less piping that can be heated by the heat of the engine bay, and generally less piping means less lag.
In theory my intake could get fairly hot in traffic with a front mount as opposed to the current set up, I do live in a pretty hot environment after all, but no worse than it was with the top mount air to air, and generally when I'm doing stop start driving I'm not heavy on the accelerator anyway. Where I need my cooling is when I'm hard on the accelerator and the car is going fast!
Also, it's been said that while Toyota really got the design right for the ST205 charge cooler, the air just doesn't get enough time within the cooler, as it's quite short, to get cooled properly. These charge coolers are supposed to support quite a bit of horse power, but obviously my heat exchanger is crap and isn't cooling the water good enough, I don't know. But I may as well go the whole hog and do it properly with a front mount, plus the water to air is fairly heavy. And because I've modified mine professionally to bolt in to the ST185 and they are quite sought after as an upgrade for it, I should be able to get a good price for it when I sell it.
And yeah I really am looking forward to the new look. I'd love the bonnet too but it's not necessary at the moment, having a vent as opposed to a scoop would be better for cooling though, but I think the large opening on the new bumper will increase flow to the radiator nicely.