Further research shows I had forgotten about COP :(
However, the linked thread with a near $1000 cost on cheaply attained parts doesn't exactly help TEC's case ;)
If we're all going to go on a COP/efficiency binge, perhaps we should start designing systems ahead of time with a given TEC and heatsink/waterblock. Using the previously linked software below, one could potentially make a decent cooler at a decent cost:
http://www.kryotherm.ru/soft.zip
http://www.kryotherm.ru/?tid=84
I don't think it would be as good/bang for buck as phase, but it would be an interesting project.
Sorry for off topic--looking forward to NoL tinkering :)