So, now that we finally have confirmation on the style of cooler to be offered on the Z, I want to offer up some thoughts. There is going to be a lot of bickering on both sides before long I am sure, but based on my experience with the handful of cars I've owned, here are some thoughts.
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The Oil-to-water cooler will probably NOT be sufficient for serious track use. On the other hand, guys that don't have much experience out there will probably find it perfectly suitable. We will almost certainly have water temps as the concern now, rather than oil temps. I am curious to see if Nissan adjusts limp mode, as hitting 280* oil temps on a water cooled system would generate huge problems....
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On the other hand, it is absolutely excellent for most users. You get great daily-driveability, nice warm oil, and none of the (HUGE) risk that an air-cooled system generates. Apologies to those doing this, but it's absolutely an awful decision to run an air-cooled system without a pressure gauge. The risk of catastrophic engine failure from a fitting issue or a rock is huge, and definitely not worth it. The water-cooled system will only result in a coolant leak in the same situation--not really a big deal. Another nice perk is upgrading a radiator can help, and is not nearly as much a warranty concern as an air-to-oil cooler.
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It remains to be seen what other changes have been made to the system-- I am interested to see for sure whether this system just taps straight into the old radiator setup, or if they have changed anything else...regardless, this marks a huge step forward for Z drivers. Truly a shame Nissan didn't pony up the extra $30 a unit to put this on from the start...would have been a lot better for everyone.
Looks like Nissan has gone with an oil to water cooler tapped of the current system.
Edit: page 5 for pics, reproduced here