2.- refrigeration, at 91% efficiency peak power (500w) you still have to deal with almost 50 watts of heat... which doesn´t sound good if you put it between the motherboard and the graphics card.
This is where GaN comes in. I have a unit being shipped to me that is 12V, 200W and 95%+ efficient. If it tests out it'll really be (in my opinion) a pretty good leap forward for SFF power supplies. My long term goal (LONG TERM) would be to have small ~200W super efficient units that are DC-DC mergeable.