ASIC theory (I call it theory as its neither proven nor disproven):
High ASIC: Usually low stock voltage, will hit reasonably high clocks on air, wouldn't benefit much from water/sub-zero
Low ASIC: Pretty much the opposite of above, higher stock voltage, won't shape up too well on air, but would fly with water/sub-zero.
iirc ASIC relates to how concentrated the voltage is on the core, high ASIC is supposed to be highly concentrated, so runs cooler = better for air, low ASIC isn't, so voltage is spread throughout the chip giving off more heat, but benefits from cooler temps, as I think the more voltage is spread the better it may perform.
^The above is my assumption anyhow, most including my self don't really buy into it. Though if it holds any truth this explains why all lightnings have low ASIC (usually below 70%) as the cards are aimed at extreme overclocking in sub-zero temps.