Cooler air is denser, and thus, one can gain even more horsies, because more fuel can be delivered as well.

This works in practice with compressed air, but probably has a negligible affect in the combustion chamber with a normally aspirated system.

Had a Chrysler Conquest with an intercooled turbo as well. Interesting to note is that I drove it mainly while in Colorado, and the thinner air prevented me to see boost pressures over 1 psi.

Once back in Texas, I could max throttle at 7 psi. boost. That car really screamed!!!

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2009 ML350 (106K) - Family vehicle
2001 CLK430 Cabriolet (80K) - Wife's car
2005 BMW 645CI (138K) - My daily driver
2016 Mustang (32K) - Daughter's car