Theoretical results derived in this article are combined with experimental data to conclude that, while there is no improvement in the effective thermal conductivity of nanofluids beyond the Maxwell's effective medium theory (J.C. Maxwell, Treatise on Electricity and Magnetism, 1891), there is substantial heat transfer augmentation via nanofins. The latter are formed as attachments on the hot wire surface by yet an unknown mechanism, which could be related to electrophoresis, but there is no conclusive evidence yet to prove this proposed mechanism.