I agree that GPU temps and power consumption are hitting the same walls that CPUs have now, with less then adequate factory cooling.
I agree with some special machining, and possibly another pump, rad in the circuit... things would improve... but over-all cost will be the limiting factor.
I think water cooling has just about reached a pinnacle, that unfortunately may fall off rapidly. Advancements in chip technology may very well substantially lower the generated temps and power requirements in less then a decade.
I'm still going "wet" though!