Boy....a lot of expert opinions without any technical info to back it up....though I do excuse Nissan's comment about the Cherokee....I can't say he is wrong....though I am inclined to think that there was something else going on and putting in the t-stat was not the fix.
Anyway....I'm going to give you a lot of technical info that will basically expalin why water wetter is a hoax...and flowing water too fast is not an issue.
First...some background info...
Heat Capacity - Basically, the amount of heat a specific volume can hold, typically expressed in KJ/(kgK), or j/g/c....or in simple terms...how many jouls of energy per gram per 1 deg C change. The following web site has a good list of the common materials along with thermal conductivity (how well something conducts heat).
Basics of Heat Transfer
For reference...
Water 4.18 KJ/KgK
Antifreeze 2.38 KJ/KgK
Compare water to air....water holds about 4x as much heat as the same 'weight' of air.
Now compare thermal conductivity...water = 0.67 vs 0.25 for antifreeze...wow...looks like anitfreeze reduces performance.....
One of the funny things about materials and thermodynamics is that things change with temperature....check out this table...
Specific Heat of Water/Antifreeze
Below 200 deg F, the antifreeze hurts the heat capacity of water....but above 200 deg, it actually increases it. At 240 deg (the uppper limit on most cooling systems), the water/antifreeze mix actually has twice the heat capacity as compared to plain water.
Almost all of the web sites that talked about water wetter seemed to have the same basic pattern....car had cooling problem...tried a few things...put in the water wetter after flushing it out real good...works great....except results were all over the place from 1-2 deg difference to 20-30 deg. Doesn't sound very scientific to me.
I found this to be more informative...
What is in Water Wetter
It would appear that it's eating up some of the cooling systems.
I don't buy the "surface tension" idea....about the only thing it is going to effect is overall flow resistance. Additionally....when it comes to thermal conductivity of liquids....water is pretty much up there on top. It might improve the thermal compacity....but I have not seen anything that changes the conductivity...
Additionally...almost all the examples of good reviews involved systems where one or more other changes were made in conjuction with the water wetter AND using only water and the ww with no antifreeze. This reminds me of a similar case involving suspension systems on jeeps....guys have worn out bushings...put in poly and swear by it....when in reality...putting in new rubber would have given the same if not better results.
Now...lets talk about water velocity....
Higher cooling water velocity increase the heat transfer rate and therefore removes more heat. It basically reduces the film resistance close to the heat transfer surfaces and also increase heat capacity of the water. No magic involved....
If there is a case where cooling 'appears' to go down because of faster cooling....I would be inclined to look at the cooling pump. Cooling pumps are desinged to flow a certain amount with a known range of back pressure. In one of my jobs I have to set up large cooling pumps...I'm talking the 50hp +.....we have a globe valve on the output and we will start closing it until the full load amps drops to the design of the motor....leave it wide open and the motor will over current....and in some cases cavitate.
I would be willing to bet that without the t-stat...the water pump is cavitating. Once cavitation starts, flow drops fast.