Agreed! The pumpless solution just seems to incorporate the downside of both solutions, without the upside of either.
The downside in air cooling is that the conduction of heat isn't as good as it would be by use of a liquid. I mean real liquid, not just evaporative cooling or condensing liquids. The upside is no need to mount an "external" radiator, no tubing.
The weakness in water cooling is that cycling water needs to be cooled quickly putting demands on a bigger radiator with multiple fans, and figuring out where the tubes have to be run. The upside is cool water flowing next to the CPU.
This solution: No water, still using condensing liquids. Still requires tubing and radiator. Additional downside: Requires gravity assist to work correctly so this will limit the configuration of the radiator and tubing. I also agree those tubes will be a bottleneck in the heat transfer.