Sorry I wouldn't be at liberty to say anything about HE's liquid cooled motor but maybe Harlan would be willing to tell something. I'm sure he is working on the next generation cooling method so maybe he would be willing to tell about the present generation which still had some flaws (no surprise there).
I think that the requirements for cooling on something like the PPIHC race can be quite different than requirements for a sustained high speed highway ride or a slow steep dirt climb like I have been faced with. If I was just planning on the PPIHC (which I'm not) I might just pump distilled water (non-conductive) through the motor and blow it out onto the controller heatsink, a one time, non-recirculating, short term method. Jeff made the climb in just under 12 minutes so there would have to be that much time's worth of water supply, at whatever rate it was being pumped. Probably a good idea to add a rust inhibitor to the water,also.
Battery temp is also a potential problem on something like the PPIHC race. Unfortunately it is far more difficult to cool the battery pack since it is a large enclosed mass.
Trikester
BTW -
Harlan, are you following this thread?