I would agree that a model that needs up to 22.2v of power to get it to go, should really REALLY be water cooled. The idea that a brushless set up running at UP TO 11.1v needs the same is wrong. We are dealing with a sport scale set up, not a balls to the wall racing set up. With the correct choice of speed control, i.e. don't skimp, don't be a tight wad, and the correct choice of motor and prop, performance should be achieved without excessive current drain. If you can keep the current below, say 15 amps, and the speed control is big enough to handle this, say 30 to 40 amps, why pump water through your electrics?
In my many, many years (!) dealing with all manner of speed controls, I have seen too many water cooled speed controls blow a seal and flood out the electronics, not for me. My current set up is running an Mtroniks Hydra 50, which has a big heat sink built in. The highest current I have managed so far was with a 1250Kv motor at 8.4v, 17 Amps. Running for fifteen minutes in the water, the unit was stone cold.
I am late to the party with brushless, and listening to advice from everyone and their dog, I realised the only way to see the way forward, was to get stuck in, and record the results.
A large number of brushless set ups early on, seemed to use aircraft configurations, high voltages, up to 6s, and high RPM motors, the whole lot then being 'managed' back to a sensible speed, via either a programming card, or via the Tx end point set ups. Why not just fit the right motor for the job instead? This is what I am trying out and I stand by the suggestions above as being suitable for a 33" by about 11", fairly high CG model.