Last time this was one hacker news someone suggested mounting the chip onto the heatsink and spin the whole thing, without any thermally conductive bearing. Still an awesome idea imo.
I missed the article last time, but I had this thought too, on reading it this time around.
The challenge, obviously, is moving data on and off of the spinning element. I assume one would stack the CPU, the GPU, the mobo, the RAM, etc, up along the axis of rotation. It's certainly easy enough to get keyboard and mouse and audio get on and off the spindle via wireless... but what are the costs (in money and in latency) to get higher-bandwidth signals on and off, like video, and like main storage?