AGAINST -
Complexity & Cost. You need a second radiator, water pump & preferably some form of pump speed control, 2 speeds will do the trick. They are much harder to size, this is why we have pumped hundreds of hours into data logging & creating a sizing spreadsheet programme. Under the same circumstances, drive in/out will be approx. 20 to 60% dearer.
It also became apparent after a couple of years testing that I had to down grade my initial cooling estimates of air/water intercooling, which is a disappointment, but necessary. I thought that I could design a system that at speed, would cool the charge air within 4șc of a front mount - both systems being equally engineered. It appears 8 to 12 șc is a real world figure. Please put this into perspective. A 'front mount' car - Skyline GTR, 180 - 200 Sx, Supra etc. will give results on a 25șc day of 31 - 36șc into the plennum. An air/water setup will give 42 - 48șc under the same circumstances, but a 'non front mount' car - Skyline GTS-t, VL Commodore, Subaru - any car that doesn't have a front facing throttle body towards the radiator support - will give similar temps. due to heat soak in the long return pipe from under bonnet heat - approx 70 + șc, even though the charge air in both air/air setups, exits the 'cooler at 31 - 36șc.
FOR --
Now, the above paragraph is the only time a front mount will out perform an air/water if both are set up properly - at speed . Stop/start, drag racing, towing, 4 x 4 offroad etc. all gain from air/water. The charge air temps. into the engine are also much more stable with logging showing a spread of 35 to 40șc around town & 35 to 50șc laden in soft sand, 2nd gear low range, whereas, front mounts have logged 30 to 65șc around town & 30 to 95șc in sand. This is with turbo outlet temps of 140șc as for a top mount, 38șc c to 116șc have been recorded ! When you have your foot right into it at slower speeds is when detonation is most likely to happen, air/air intercooling is performing at it's worst efficiency. A very big fan under a top mount will make a fair difference & to a lesser extent, behind a front mount, but none can get near the fact that water 'holds' heat 37 times better than air & a thin radiator at the front of a vehicle cools better than a thick intercooler (air flow), & also has much less effect on the volume of air flow too the engine radiator - very important with some vehicles - eg. 70 series Landcruisers.