It definitely cools the charged air when it is spraying. On my last turbo setup which was an aircooled VW, it lowered the intake temperature by a solid 50 degrees. That setup ran hot to begin with so 175* temps were not unheard of but with the meth kit, it dropped the temps down to an average of 125*.
I think one of the most important things is not to run too large of a nozzle as you could wash the oil from your cylinders away. I run a -7 nozzle size which is 9.x gallons per hour and looking at Devils Own nozzle calculator, they recommend a -5 or 7 gallons per hour nozzle.
I use the -7 nozzle as I'm also using it as a make-shift injector for extra fuel since I'm running higher boost on E43. Someday I will add the actual 5th injector kit and retune but this current setup is working great. I mix my own juice and have a 55 gallon drum of methanol to mix from.
On the tune, you'll be able to make more power by running a bit more boost and timing but you'll also be able to run a bit less fuel up top which will also help make more power. If you've got HP Tuners, run some good logs and keep them for before and after comparisons and you'll see the differences. Always make sure you're logging KR and if you're not able to tune it yourself, make sure you use a good tuner like Dave as there are more than just a couple of tables that you can change to get the full benefits of the kit.