The demonstration video for Novec from Iceotope features a full submerged and functioning iPhone, as well as a less expensive phone, neither of which suffered at all from being dunked in the non-conductive liquid; you should probably wipe them off before using them though.  This project from Leeds University claims an 80-97% improvement in cooling efficiency over air cooling though they do not compare it to mineral oil or other exotic cooling solutions.  Head over to The Register for a look at the demonstration video.

"We've seen quite a few innovative engineers who have tried to bring down data centre cooling costs, including this mad crowd who dunked theirs in a deep fryer… Now boffins at Leeds University and British start-up Icetope have invented a super cooling liquid that could create a new generation of "wet servers". They say it could cut the cooling costs of the world's server farms by 97 per cent."

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