[citation][nom]Shadow703793[/nom]So this is basically like a heatpipe? Btw, it's probably nor "bubbles" but rather very fine "vapor". Bubbles contain air(most gases are ineffective at carrying heat compared to water/other fluids like Alcohol in a closed system) and thus ineffective at carrying heat. Hence, why bubbles are bad in a water cooling set up.[/citation]
To have a gas present would not require air, the bubbles would be the change of evaporating. The energy expense is found in the change of state. When you start with air, and end with air the efficiency is not as high. When evolving a liquid to a gas a greater amount of energy is needed, which is why phase change coolers carry a great deal more energy than a one-to-one state system.
This is essentially a run of the mill phase cooler with no pump, less price tag, and no subzero temps.