We (Ice Dragon) have been doing this for the last 6 years. We are expecting one of their systems in the mail today. Interesting enough, we met Zalman at CES2013 and sent them some Ice Dragon Coolant to test in their systems back in March. We went back and fourth with emails, and then this was announced. Now, they won't respond to my emails. We think that is sort of fishy.
We plan to cut it open and see what the "nanofluid" is made of. It is not easy to make a nanofluid. You have to worry about agglomeration and settling of the particles..as they agglomerate they will settle faster. Agglomeration is similar to the 'snowball' effect; once it gets going you can't stop it. I doubt the particles are any of the ones listed previously. This is mostly due to, as pointed out, cost, and galvanization. There are a few nanoparticles that are cost effective, such as what we use. In our research the particle we use beat aluminum and copper nanoparticles.
Also, if you search sciencedirect.com you can find all kinds of research done on the heat transfer enhancement of nanofluids. There has been a lot of work done in that area.
As soon as we get our results back, I will post again - unless our lawyers tell me not to..