Interesting thread. I have a similar (or maybe the exact same) multichip 50W LED that I thought about using about a year ago. I stuck it on a simple CPU cooler and tried it out with a small peltier cooler as well. I decided to ditch the idea though. Heat builds up on these boards very very quickly, even with a good cooler, and kills the efficacy of the module super fast. It's also not as efficient per watt at its best as most of the smaller LEDs like a Cree XP-G or even an XP-E. It does save space and is cheaper, but not nearly as power efficient.
I was able to dim mine using a simple 24V PWM dimmer from ebay. Works well, but I would bet the dimmer isn't that great and doesn't produce a good sine wave.
Ecoxotic's LED Cannon is an example of using this.