This evening's test was to study the effect of cooling all of the other mobo components and hot spots on CPU temperature. To do this, I took a Comair Rotron 172mm fan (it's a 24VDC fan that I am running at 12VDC but it generates a fair airflow still) and pointed it over the CPU socket, mosfets, and other hot bits in that area. I first let the CPU heat up to equilibrium with CPUBurn High priority and then turned on the fan. Here's the graph:
If I were to plot the raw data, you'd see that the air temperature at the heatsink intake was barely changed at all (it actually rose in temperature, but less than 0.75 C) while the CPU temperature drops dramatically. These are those secondary cooling paths and secondary heat sources that everyone is talking about.
One would expect this effect to be larger with watercooling since there is no longer any airflow at all to cool the hot parts. The magnitude of the effect is probably pretty motherboard specific as well; I have never seen this large of a difference before on my A7V-133 with diode readers.