It's a hoax. Metallurgically, we all know Aluminum is a better conductor of heat than steel... But due to the airflow in one's case, the effect of this extra conductivity is pretty much null.
One area where it MIGHT help, are PSU's that are touching aluminum on all sides... For example, the Coolermaster Centurion 5. I've noticed that the top steel panel gets mighty warm from a loaded PSU, so aluminum might help there, but I doubt it.