Thanks for the replies guys and gals, must have been the weekend dead zone when I first posted this

From the manufacturers site you can see they now have 2 types of foam: normal and one named HTC. The new one (Poco HTC) was produced for the reason of better thermal management and better machining properties.
From what I understood they have a procedure and "grow" the foam in one direction that stretches the and form a continuous line that go around the pores.

This gives the foam its great T-conductivity in one direction. The POCO HTC version is much harder and withstands higher loads on top of it, meaning it's denser, heavier, more heat conductive, but less porous and you can machine fins in it.
That said my guess is that if one would try to force watter though it (like a sponge) it would be a serious flow killer(read stopper) and would require to much pressure and to strong of a pump to justify it.

I read that they are experimenting with copper and metal plating for the contact surface area, but on their web they are advising the use of S-bond to fill in the pores on the contact surface and to bond Poco with other surface. www.s-bond.com is the site mentioned.
Haven't had the time yet but I expect that to be some kind of a thermal epoxy or something simmilar

Being that the foam conducts heat best against the plane maybe fin designs that would maximise vertical surface would work best.
They also are doing research of using the foam as a substitute for aluminium fins in radiators where the foam is placed directly on the copper piping or other type of heat pipe design and air is pushed on it or through it at some degree.

I have collected some other links+files and will post a rapid-share link when i sort those out and get away from daily chores

Here are a few links that might give some more inside in the whole thing
http://www.pocothermalcs.com/faq.asp Answered questions people asked
http://www.poco.com/us/Thermal/htc.asp POCO HTC technical info, pressure drop and other graphs
http://www.poco.com/us/Thermal/machining.asp Machining info
http://www.poco.com/us/Thermal/applications.asp Some Application they people are thinking up