To do it optimally on a street application there's a lot of stuff you need to add. You aren't in a situation where you can just throw ice into the intercooler after a drag pass to keep temperatures consistent. An efficient air-to-water intercooler on a street application has an independent cooling system for the intercooler alone. That may mean a separate coolant pump, separate radiator, check valve, etc.

Look at how VW does it on their 1.4 liter turbo engines:

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Diagrams of the plastic/composite intake manifold and the intercooler itself, which inserts into the manifold:

 

On-track performance depends on a couple of things. If you are running a fairly efficient turbo setup and are doing 20-30 minute lapping sessions, there really is no issue, as you can change the water out or pour ice in before each session if it gets overly warm.
If you are running ragged edge, then you need to be much more careful, although honestly no more careful than with a FMIC.

Where the FMIC/VMIC really win is in weight, which is secondary in a street car but premium in a track car.

All WAIC I have ever worked with have had pump, reservior, and heat exchanger for the coolant. I do not view VW's setup as very efficient. On the NSX track car ina 25 minute lapping session the water in the system (Supercharger) would be warm, but not hot. This was because of a well-thought out water pump, radiator, and tank setup. The RX7 above never evenmanaged to get temp into the water depite back to back dno pulls because the capacity and coolant radiator for the system were more than adequate to provide efficiency.

 

Dood... this is getting way too complicated for me. Sounds like it would be easier to hook up a stock air con system to your intake...

 

Thanks for posting details. Looks very unique. I like it. Little much for my setup at the moment, but definitely cool.

 

It is starting to sound kinda crazy. I don't need ac anyway. Idk. No rush for me either way. Good to know this system is out there though.