It's a halogen ketone liquid that doesn't 'get things wet'. It's intended as a fire extinguisher, but there's a piccy of them submerging an operating TV in it, so you wouldn't need to worry about water leaking all over the place and shorting the mobo, you could just run it directly over the chip.
The problems I can think of are the following.
It'll probably be very difficult to obtain, and quite possibly very expensive. Currently it isn't freely available, and is only being used by a few fire companies. Sort of a beta testing phase, I suppose
It boils at 49 degrees C. This means that is would vapourise going over most chips, and you would have to run some for of vapour exchange or condensation system. Tricky.
It degrades in sunlight, so you wouldn't be able to put a window in, unless it had UV filtering (UV is what degrades most compounds)
The tech specs mention 'low toxicity'. I'm not precisely sure what they mean by this... this worries me.
Anyway, I thought it was interesting, and the pics of the submerged TV are pretty cool
