I believe a one main reason coolant is still suggested in a road racing application is that it raises the boiling point of the mixture vs pure water. However, running more coolant pressure also raises the boiling point. You are better off using an anti-freeze/water mixture though because of the other benefits of the anti-freeze. Some racing organizations require that cooling systems contain approved substances, anti-freeze is generally not an approved substance. Redline water wetter seems to be a widely accepted substance.
What are anyone else's thoughts about cooling system mixture?