as I just posted on Twitter, If I remember correctly, I think a similar principal was used to generate Bose Einstein condensate a while back.
I remember wondering How a laser can cause cooling, and a US Navy friend of mine that works with Atomic clocks did actually explain it to me, however... <embarassed grin> I`v forgotten!
Neat idea. You basically energize the electrons with higer frequency photons to get them to emit photons in the IR wavelenths and thus expell heat from the molecular matrix. As long as you keep the material isolated from any heat sources, you should be able to vibrate the electrons down to cooler levels. If you have a crystaline structure, you can get the whole wafer to cool to the same temperature without any thermal gradiants across the surface.
Very useful technique.