There are really two functions of a waterblock
1. Get water from cpu core spread out through the block itself
2. Get water from the block into water which will be taken away and replaced etc etc etc
1. is really based on the same as heatsinks are. A material which is a good conducter of heat (copper) and as much contact with the core as possible.
2. Has seen alot more innovation because Well its alot easier to carve copper differently than to dish out the cash for a material that conducts better. (Theres what? Silver, single diamond crystals, and some manmade stuff probably) And silver probably corrodes really damn fast or something (I didn't take chemistry, or if I did I dont remember it).
More surface area = more heat transfer
More turbulance = Faster heat transfer (You maintain a greater temperature difference between copper and water)
More flow = Faster heat transfer (You maintain a greater temperature difference between copper and water)
(both turbulance and flow have essentially the same effect as a better radiator... but they do it very differently and they rely on an effective radiator (Introducing more water to the blocks surface isn't very effective if the water is almost as hot as the block itself).
Cathar's statement is correct, however, it does do size a bit of injustice. A maze-sized block that is as well designed as the 1/2" cube would be Much more effective, assuming their was enough heat to make need for it.
There are several variables involved and I'll list as many as I can think of.
1. Good transfer to block (Entirely the block and its mounting systems concern)
2. Good transfer to medium (water) (Block and pump, and (due to restriction of flow) the entire systems concern) This includes terbulance, and flow rate and #3
3. Temperature of medium (water). Radiator's concern however other factors such as pump heat output and ambient temperature are involved.
4. Medium (There are mediums that would work better than water, however most are somewhat impractical.)
The device needing cooling is also important.
An Athlon is a better candidate for watercooling than a pentium. Why?
Lets say you can safely run an athlon up to 70* C A pentium to 50*C
Assuming the water temperature stays constant, A hotter core (with effective heat transfer to waterblock) would make for more heat transfer to the water.... thus a more effective system (assuming the radiator can handle the heat)
This is the biggest bottleneck in watercooling in my opinion.
With a good block, pump and a good radiator with enough airflow With NO active cooling element (unless you count the airflow and waterflow). I've seen on die temps within 5* C of ambient. If your ondie temp is 30* C, I doubt you Can improve much more because that's only a 1-2* imperfection at each transfer.
What could be bottlenecking you?
1. Transfer from cpu to block. Not much to do here. Lapping, as3... that sort of thing. (Direct die removes this variable I believe... But thats just an assumption based on the name.)
2. Transfer from block to medium (water). Alot here. Surface area, turbulance, flow rate, Medium temps, Mediums thermal properties, maybe more Im forgetting
3. Transfer from water to radiator. Again not much. There may be some improvements to be made on heater cores but I dont know enough about them to think of them. You can increase surface area (bigger radiator) The temperature of the heater core itself is another thing that can be changed by improving the...
4. Transfer from radiator to air. More airflow, better directed airflow (To the whole radiator, higher flow concentrated where the most heat is congregated (Probably the area closest to the inlet)) This can also be improved by improving...
5. Air temperature. Crank up the damn AC or in winter open a window. Maybe even create a ducting system running from window to window and put your radiator in there. Put the radiator on the floor (unless whole system is there, this will lessen flow)