The ram on the face of the card has air flowing over it so, yes, it is cooled just not sinked. You could probably add a cheap set of low profile sinks for $8.00 which considering it's a $20 cooler still makes it cheaper than the competition.
Phenom II 940 Black Edition quad core @ 3.5Ghz
2x1 gig OCZ PC26400 Platinum, 2x1gig GSkill PC26400
Upcoming EVGA GTX470
Some other stuff,
Even more stuff,
If the automobile had followed the same development cycle as the computer, a Rolls-Royce would today cost $100, get a million miles per gallon, and explode once a year, killing everyone inside. --Robert X. Cringely, InfoWorld magazine