The trick is really having the freezone on max settings.
There is a potentiometer in the upper center part of the included PCB Thermal Control Module labeled RV1. If you don't have a precision screwdriver handy, you can use the other end of the included tool to adjust it. Now, at first, I was accidentally turning it the wrong direction. This is because of the way I had positioned the control module on the case. Just make sure the CoolIT name is on the upper left hand corner of the PCB. This is where the magic happens! The potentiometer basically will act as a thermostat. It ships with it at center position by default but you'll want to turn it counter clockwise (to the left) to really unleash its max cooling capabilities. You'll know you have adjusted it properly because the water block should now be cold to the touch rather than warm.
Also using Artic Silver 5 got me 3-5C better temps than the paste that comes with the cooler.
On my E6700 overclocked to 3.5GHz the highest temp I ever saw was 34C.