Lots of times ideas are proposed which turn out to be worthless, but this whole cooling thing seems to have real merit in the research and in real world performances. The U.S. got a Silver Medal (men's) and a Bronze Medal (women's) at the Olympic Marathon in Athens with athletes who used cooling vests.
I think the next logical thing is someone will develop a pill, with time release capabilities like some drugs already have (oxycontin for instance) which provides repeated doses of some type of cooling agent during the planned course of exercise. I can see it now. Right next to the gels and sports drinks will be the one hour cooling pill, the 2 hour, the 6 hour, the full Ironman, etc.