I saw this years ago in a Wired article. They were talking about how it could be used to rapidly warm/cool someone who was hypo/hpyerthermic without causing the usual responses to rapid warming cooling (blood vessels contracting/dilating, etc). They also claimed that it allowed them to recover better during exercise, to the point where they said it was "better than steroids". Some bodybuilder on their staff used it to train and do more pullups than he could before.
The theory goes that if you're doing very strenuous exercise one of the limiting factors of your in-between set recovery is dissipating heat in your muscles. If you can dissipate that heat quickly, you can recover better for your next set, essentially increasing your work capacity during a given workout, while helping you recover for the next one.
Here's a maybe bullshit youtube video of some guy in a leg press: http://www.youtube.com/watch?v=q2yzItjfWyw
The concept was interesting and I like to tinker so I thought about buying one to fiddle with or improve. Turns out they're $2,000+ and I think they only sell to gyms/sports teams. This strikes me as a bizarre business plan for something which is better than steroids, and which can probably be built for $50 or less. If it actually works, then everyone would want it, but they seem to have done little in the way of commercialization or advertising.