The themofan most directly effects the temperature of the water exiting the radiator. It makes sense then to regulate the fan with a sensor looking directly at that output -- the outlet of the radiator.
The engine thermostat most directly effects the temperature of the engine. It looks at the temperate of the water leaving the block, that would be equal to the average block (or more realistically) cylinder head temp, and adjusts water flow instantly to maintain a temperature.
To run through a list of possible cooling system scenarios I see the bottom hose switch winning every time.
Hot stationary idling ---> Cruise transition
Although hot water is exiting the top hose, at say 85 deg, (which would make a temp sensor in a top hose think the fan should be on) The lower hose is showing maximum coolant temp drop, say 85 down to 45 deg, purely from the airflow generated from cruise air. In this transient situation the lower hose sensor adjusts the fastest to turn off the fan as it is now seeing 45 deg temps, even while the top hose is throwing out the last of it's 85 deg water.
Cruise--> Stationary transition
Coming to a stop after a cruise, the water exiting the thermostat is right on 78, the water exiting the radiator which now has no air flow changes from 40 to 70 degrees due to the lack of air flow. The switch in the lower radiator hose would sense this and activate the thermo fan. A switch in the top radiator hose would still be waiting for the temp to rise above 78.
Cruising -- Airflow causes cool water to flow from radiator -- no thermo fan
Driving hard -- Hot water >90 exits fully open thermostat but is cooled sufficiently by radiator -- no thermo fan required doing 150km/h -- thermo switch in top radiator hose could be activated in this case, when not required, consuming 200watts which would be enough to slow you down by 1/10000 of a second down the 1/4.
overheat situation -- air flow/radiator efficiency is no upto engines heat loading, this 'problem' would be noticed first in the lower radiator hose, even before a switch in the upper has a problem.. For example.. 80 degree thermostat, water exiting lower radiator hose at 78 degrees would well and truely have the thermo fans activated, but in a top hose situation would not. -- but either way not a good situation!
Honestly though I don't think it makes too much difference, although I did once have a hunting situation by placing thermo switch in top hose.
Anyway that's how I see it, such a simple thing so much discussion love it!
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