Good review Mike.
It's a nice compact GPU cooler (kind of reminds me of the Zalman VNF100 cooler, even the shape of the fins is very similar...). They should reuse that same design, add a couple of heatpipes and another fan (maybe team up with a quality fan maker !), and extend the heatsink. That would clearly be a winner. It's nice to see someone is trying.

Nice review. I start to wonder whether there are no proper VRM heatsinks available on the market? It can't be too difficult slapping a 2cm aluminium construct with a thermal pad onto these.

There are a few VRM products out there that I know of.
Thermalright make a couple of very good VRM coolers for ATI HD4870/4890 cards.
VRM-R1
The also have some bits and pieces for Nvidia cards, although they look nothing like as effective. Maybe they don’t need to be for some reason.

Zalman also do a couple of items:
Zalman for HD4870 / HD4890
Zalman for HD3850 / HD4850

Or you can roll your own like I did (rather expensively!)
Pic1
Pic2
Enzotech Northbridge heatsink adapted to fit the HIS chip and RAM sinks cut to fit under the Akasa Cooler. The actual VRMs have Enzotech VRM heatsinks, that I think are really intended to be used on a motherboard. I’ve not done very extended Furmark runs but it’s stable running folding@home. At low fan speeds it does all get very hot, the VRMs becoming to hot to touch! There is no VRM temp reported on this GTX260 so I don’t know the actual temps, the reported “PCBâ€

Why bother? Get an Accelero L2 Pro, which comes with VRM heatsinks, a very, very good fan (can't hear it above my 4V-Slipstream-1200's) and retails for $16-20.
This Zalman looks extremely weak in comparison.

Good review as usual, Mike.

Any chance you guys could take a look at Thermalright's HR03 and T-Rad?