My business is vintage race cars, and I am the manager of a vintage race team. We have cryo treated EVERYTHING since 1997. We do engines, gearboxes, rear axles, brakes and suspension components. The biggest problem with cryo is proving that it works. We have broken very few cryo treated parts over the years, so it has to be a factor, as we use the equipment very hard. The laws of physics say it has to work, but you cannot actually see anything difference in the part after treatment.
Be sure that you work with a reputable cryo service, we use 300 Below in Decatur, IL 217-423-3070. They have a large motorsports presence, and you know the process works when you stop by their facility and see parts from NASCAR teams and NASA.
They can go over the actual work process, as their are certain steps that you have to follow, don't tighten Rod Bolts, have all the machining completed on parts before cryo, do not cryo crankshafts that have any Mallory metal in them, etc.
One thing we can quantify is that brake rotors definitely last significantly longer when cryo treated. Main and Rod Bearings also last longer and show less wear since the Blocks are more stable and stay straighter. Definitely improves Ring & Pinion life also. Valve Springs also seem to hold spring pressures longer.