CUI's application note on Peltier modules was very well written and a joy to read. I've barely touched on the physics of this subject, but it was so clearly written that I was able to understand the overall design process to use this kind of device.
Overall, Peltier modules are far less efficient than classic "compressor" refrigeration units. But Peltier modules are far smaller and far simpler to operate: just apply voltage, and away you go. As such, Peltier modules are the ideal easy-to-use tool for hobbyists, even if its not quite as efficient as what the professional HVAC people use.