IMO water based has it's place. (easy cleanup, no real odors when using)
Oil gives that amber tone which will really get the color out in darker woods. WB provides very little color color changes and looks rather "cold" on the darker woods, but for light stuff like pine or maple I think it has its benefits.
Agree with WB drying too fast (esp. in dry climates). When I do use it, I'll spray versus brush.