/Dons enthusiast hat
I'm trying to work out how this thing can do what it says.
...multiple TECs or peltiers to chill the liquid coolant. This increases thermal capacity and provides for faster heat absorption at the source. This allows for lower temperatures with slower fan speeds and therefore less noise.
For those of you not familiar with TECs, they're an electrical device with two plates. One gets cold, while the other gets hot. That means you can use a TEC to cool a component but you still have to get the heat away from the TEC (and there's going to be more heat than without a TEC.)
It looks like in the case of this system, however, that the TECs are used to cool the water down rather than come into contact with any of the XBox's componentry. Nevertheless those things are going to draw some power and put out some heat unless they're only cooling the liquid down slightly.