The theoretical concept used by cooligy is similar to that used by Sharper Images fan/filters and being developed in air by Purdue, a number of molecules in the medium are charged and then drawn along by electromagnetic fields. The charged molecules bounce against uncharge molecules and the whole medium tends to move along. Its really quite amazing once you grasp what's going on. No moving parts which means very little can go wrong and zero maintenance. However, this tech only moves the heat over a ways, you will still need the "big bulky heavy radiators" somewhere along the line to dump the heat into the air. Fact of life. Which is why although this is really neat stuff theoretically, it really doesn't solve the problem in and of itself. Just a part of the problem: How to move a heat energy exchange medium from point A to point B with the least amount of fuss, including most of all, not adding to the problem by producing more heat. That's not to say its not a big step in the right direction but its only one aspect of the solution.
Heat pipes, which have the advantage of not requiring any energy at all and being inherently responsive to higher heat loads, are probably a better solution in most cases. However, they to are only one aspect of the problem. The issue of what to do with the heat when it gets to where you want it still remains. The solution to that part of the problem will probably require a change in aesthetics. Eventually you have to raditate that heat into the surrounding air, that means fans and fins. The more fans, the less fins you can get away with, the more fins, the less fans you need.
As to when this stuff will start showing up, some of it already is in small ways. But it will most likely be a couple of years for full implimentation. You probably won't even know about it because cooling really isn't all that "cool" of a marketing issue.