The stock intercoolers for the Volvo S60R and V70R models are known to be inadequate for what these cars need. The stock intercooler setup consists of two connected intercoolers working together, a larger flowing into the smaller intercooler. The problem with this setup is the flow from one intercooler to the other results in air flow restriction. Another important thing to note that was pointed out is the physical air flow restriction, due to wear and damage to the AC condenser if its the first in the stack of cooling elements which is the stock positioning, or if your car has an upgraded intercooler that goes in front of the AC condenser. The bent fins on either of these can restrict airflow, so its important to note that as most of these cars now have higher mileage on them.
This is a major flaw on these cars, and is something that is widely recommended for increasing the overall performance of your R. Luckily, there are aftermarket options that effectively replace the stock setup and help enhance performance.
The do88 drop in Intercooler is a favorite among R owners, as it is a drop in replacement that offers much better air flow and cooling than stock. The do88 has a 60% larger core than the stock Volvo intercooler. This drop in setup is considered a lower performance upgrade however, as compared to other options. The image shows the do88 intercooler on the right side, and the stock intercooler on the left, highlighting the difference in size. This image comes from a Swedespeed forum post that goes into more depth about the installation and differences of these two intercoolers. The do88 intercooler replaces the stock intercoolers in the same space, so it is behind the AC condenser in the cooling stack. The AC condenser protects the intercooler from damage in this setup, but if the AC condenser is damaged it can result in lots of air flow lost to the intercooler, so ensuring that your condenser is still in decent shape without many bent fins will be very beneficial for your intercooler.
The Snabb Ultimate Front Mount Intercooler Kit is the next step up for upgrading your intercooler. This intercooler kit is larger than the do88, and does not get installed between the radiator and A/C condenser like the do88 and stock intercooler do. It gets installed in front of the A/C condenser for maximum cooling, as it receives air flow first. This is beneficial but it also means that this intercooler will be taking on all the wear and damage instead of the AC condenser. So this intercooler comes with its pros and cons, but ultimately this is a much better option for a higher performance setup.
These are the main two options that are widely known and used throughout the Volvo community, but there are different routes that can be taken with other aftermarket intercoolers. Upgrading from your stock Volvo Intercooler is heavily recommended, but also essential for using the cars true potential.