Cool photos, chylld. I've never seen that done before.
From a science/mechanical point of view, that's not a good place and orientation for the radiator, though.
If you put the radiator at the top of your cooling loop, especially with the barbs facing downward, then the radiator becomes a trap for all air bubbles in your system. The rad is probably the worst place to have air bubbles. Ideally there would be a reservoir or some other device designed to trap air at the top of the cooling loop.
Even though there's an empty bay below the rad, airflow is still restricted because of the CD/DVD drive below. And the air that's getting to the rad is pre-heated by the components in the case and the CD/DVD drives. You might be able to improve the situation a little by removing the front 5.25" bay cover and replacing it with some kind of grille to let cool air in for the rad.
Since the rad is up against the top of the case, the rad fan(s) will need to be mounted on top of the case. This means that you'll either have to live with exposed fans or box them like the Koolance case does. Either way, it's probably going to be loud. The fans will be fighting with the PSU to pull air out of the case, too, so you'll need a lot of free-flowing intake area at the bottom of the case to let enough air in.
From a physics point of view it would appear that having the rad at the bottom front of the case (with the barbs at the top so air can escape easier) and pulling fresh air into the case through the rad will give the best cooling. But since Wheat is mounting his rad outside his case, the best location is probably submerged in that cold mountain stream running through the back yard