I hadn't considered that at all. In fact, before doing a little internet research on OEM air to water intercoolers in OEM applications, I didn't know much about them, I wasn't aware that Ford started using them. Pretty cool stuff; My only 'hands on' experience has been with really high efficiency race intercoolers that circulate ice water. The video I saw on the Hellcat had a guy adding 5lbs of ice to a tank in the trunk, before making a couple hits at the local drag strip, I figured it was some aftermarket deal, but not so it seems..
Having said that, it seems like air-to-air is a fairly simple and time tested solution for my application, they've already has been used on the 7.3's. The challenge is adding it, and 3" tubes to my van, that never came with an intercooler. I'm also a fan of 'drop dead reliable' on my van that sees desert and long road trips, which is hard enough with a a 20yr old rig that's already somewhat bastardized.
The other thing is, I'm not looking to add more 300hp and 300ft/lbs more torque, I can't take on yet another 'little project that turns big'. Rather, I'm just looking for a low-cost bump in power, the same one that a lot of 1995-1998 7.3 truck guys have done (get a used 1999 spider, and an intercooler and tubes, done. Or just buy a Banks or similar kit and bolt it onto their truck). I'm into the intercooler and spider $250 I think, I figure I'll spend maybe another $250 on 3" tube, boots, clamps, air filter mods by the time I'm finished. That is palatable for me.
I 'get' the compactness and smaller intake tract volume as advantages of air to water heat exchangers for the street, but man, the price is both $$, additional failure points, and complication! Let's see, an air-to-water heat exchanger, a water pump and plumbing w/tep sensors and relays, a water tank, a way to keep the water from freezing and a way to handle over temp, and you still have to find a location for the air to air heat exchanger up in the grill! Oh wait, a guy could mount that heat exchange under that van, just add dual electric fans, see, simple. LOL!