Also, something to think about when using a Peltier device for cooling is that it doesn't magically produce a cold temperature on the cold side of the device. Like any cooling system, it can only wick away a certain amount of heat per second, so the cold side temperature is completely dependant on the hot side temperature. If the hot side is too hot, the Peltier device would be ineffective at best, and at worst could possibly end up operating hotter than what you're trying to cool.
Also, the Peltier is itself a relatively large heat dump, so care must be taken to provide enough airflow to ensure that the heat the Peltier draws out of the device you're cooling and the additional heat the Peltier adds does not collect in the space it's enclosed in. Peltier devices can quickly fry electronics if the cooling fans fail to provide enough airflow because the additional heat they produce tends to stagnate at the hot side of the Peltier, driving hot side ambient temperature up, and thus driving the cold side temperature through the roof. Heat flow into the Peltier is then impeded by the shrinking temperature differential between the Peltier and the cooled device, and as the Peltier continues to heat, the Peltier insulates itself more and more, eventually frying whatever you were trying to cool.
In a nutshell, a properly sized Peltier and airflow system should cool better than ambient airflow alone, but in the event the airflow fails, the chip (I'm assuming electronics here) will fry in a heartbeat. They're good devices if used correctly, just take care.