Tested the temp in vs. temp out on an intercooler using a hair drier (simulate hot air coming from turbo) and thermal couples. Tested with no air flowing across the outside of the FMIC, then was tested with air flowing across it (using a radiator fan). Temps were measure in CELCIUS.
Bare Alum IC = 38* drop in temp with no airflow, 100* drop in temp with airflow
Black Spray Painted IC = 77* drop in temp with no airflow, 97* drop in temp with airflow.
Black performed significantly better with no airflow, both performed pretty much identical (marginal difference) w/ airflow.
Note that when they painted the outside of the FMIC, they don't appear to just shoot a light coat either. They prime and spray paint it with what appears to be a pretty healthy coat. Even blew the paint with a blower to try and get it as deep into the fins as possible