Parylene-C
This is the ideal conformal coating I have been searching for. It is already being used in micro-spray cooling experiments. In fact, I heard of it in an article on micro-spray experiments being done at UCLA. It has outstanding dielectric properties, and can be deposited so thinly it is thermally transparent. Also, it is extremely wear- and impact-resistant, so high-velocity microjets won't damage the coating.
The only price I have seen for Parylene deposition is $500 for a batch of four 100mm wafers. The deposition machines are made by
Specialty Coating System.
Here is a description of the process. cached version on google, other link appears broken
Unless there are more affordable deposition services, I guess it is up to AMD and Intel to start producing Parylene-coated chips before direct-die cooling is a real possibility.