I don't see any "heatpipe" there, looks like a small diameter W/C system with the radiator strapped/mounted on top.
if you're going to water cool why not put the rad where you can blow the heat out of the case?
also seems like alot of weight (874g ) hanging on the MB.
I agree with you on all your points! The funny thing is, the heat-pipe people are slowly moving towards liquid-cooling. Why? It's possible that their heat-pipe technology is reaching the cooling limits that it's capable of. That's the thought I got out of it anyways.
It seems that Tt had the wicking material removed in the copper tubes and used the same construction (tooling) principals that is currently used for heat-pipes.
If you notice in the product link at the bottom, there is a review done by a UK site. It's only interesting for the results. By no means is it a Lee "ROBOTech" Garbutt in-depth review at all, but it does shed some lite data about the product.