If its cold + humid, it can cool down even more. Of course the pressure I'm talking about is pretty small, but does make a difference.
Actually, humid air is less dense than normal air, so it doesn't cool quite as well as dry air, which is fairly counter-intuitive.
I wonder how that works? Water can hold 4 times the amount of heat that air can hold. The moisture in the air will be as cold as the air, and as such will be able to absorb 4 times the amount of heat. Isn't that how water injection works?
Actually, we're both wrong. (or both right

)
Humid air is less dense than dry air (h20 has a lower molecular weight than n2; gas density at atmospheric temperatures - i.e. where the Ideal Gas Law applies - is based on molecular weight), therefore, for a given speed you'll get a more MASS flowing through your radiator which helps your cooling.
However, humid air has a higher heat capacity than dry air. It's not four times as much - that's LIQUID water vs. air - but more like 1.5 to 2 times as much on a mass basis. But again, that's on a MASS basis, not a molar basis - which is what we care about for gasses.
On a *molar* basis, water vapor has a slightly higher heat capacity than N2, but not much. (I don't have time to do the exact calcs)
So: I think it's probably a wash and they cool your radiator just about the same.

Wikipedia has some of the heat capacity data here:
http://en.wikipedia.org/wiki/Specific_heat_capacity but they're measuring the Cp of H20 vapor at 100C and N2 at 25C, so you can't compare them as heat capacity is dependant on temperature. Same for the Air Cp's listed: one is dry air at 0C and the other is humid air at 25C.