I disagree, I think there's a LOT to gain with complete immersion.
Logically, of course, you're going to use some kind of refrigeration to cool the immersion fluid, which will be in direct contact with the heatsink (or just the die, if you're adventurous), leading to better cooling than a waterblock.
Not only that, but with immersion, you cool EVERYTHING, not just the processor. Memory, motherboard chipset, those AGP video card heat factories...everything except for your drives.
And finally, if you're smart, you'd be running everything in a tightly sealed up system so nothing goes in or out. No Flourinert evaporating, and no dust or other contaminants coming into the system. Actually, I'm not sure if Flourinert evaporates easily, but anyway, moot point in a properly sealed system.