Modern heat pipes like you find in your laptop between the CPU heatsink and the cooling fans make use of a small amount of fluid inside the tube filled with a sintered material to vastly increase the internal surface area. The liquid, typically an alcohol, and the pressure inside the tube, is selected such that the liquid will boil in the hot zone and condense in the cold zone without the use of pumps or any other moving part. Phase change heat transfer can far exceed more conventional convective or conductive cooling, which is why factories still use the old-fashioned cooling tower (it's very effective and cheap to operate).
While the magnetically pumped fluid sounds interesting, I would want to see some real statistics as to the provided heat transfer per unit mass and cost* of the cooler to get an apples-to-apples comparison (pun intended).
(* Not only financial, but in terms of longevity, environmental concern, etc.)
In other words, I could re-invent the wheel into a very cool-looking octagon shape, but you probably would not want to drive down the road on one.
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