The most efficient use of an external mister would be to get the smallest droplet size, and get the mist spread out over the largest possible surface area of the IC, and get those millions of tiny droplets to vaporize during contact with that surface.
Some of you seem to have a bit of a misconception about cooling the air first, and then having the cooling air flow through the IC. Spraying the perfect mist, by itself, does not cool the air. Put your hand in the flow a couple inches down-stream from the nozzle and you will feel cooler air. By the time the air reaches your hand, you will feel a bit of cooling due to evaporation, but the bulk of the cool effect you feel is just the fact that a cool mist is being sprayed on you. The real (most effective) cooling comes from the evaporation. The exact point of evaporation is what pulls the largest hunk of heat energy out of the surroundings. Having the liquid water flash over into steam while it's in contact with the IC will pull a lot more heat out of it than just flowing cooler air over it will.
So you want a fine mist, located just far enough up-stream to spread out and reach the whole width of the IC, but not so far up-stream that a lot of it has evaporated by the time it gets to the IC. So yes, you want the liquid water (albeit in tiny mist droplet form; a single squirt-gun stream aimed at the middle won't be nearly as effective) to reach the IC in the liquid state. Ideally the front of the IC fins would be slightly wet, and as the airflow pushed the droplets across the fins to the exit side, the water would evaporate, and the very back edge of the IC fins would be dry. This would indicate you are pulling out about as much heat as is possible with such a system. In an ideal world your mister system would have sensors to determine this condition, and increase or decrease the mister flow as the IC heated up and cooled down to maintain this ideal condition.
Since nobody is likely to develop that sort of thing any time soon, we set the flow to establish that condition during hot track usage. At other times, if the IC is not hot enough to turn it all into steam, then use less water, or just accept liquid blow-by if there is a means to prevent it puddling up after the IC. Not like you should complain about it. "Awww my IC is too cool to vaporize all the mist," is kind of a silly complaint, don't you think?
xtn