A air spindle is more suitable for high speed use , an water spindle is ok when u want to do some low rpm cuts , it doesn't get so warm , i use it at about 3000 rpm when i drill , and some slow cuts in acrilic , and is w ok for me , and i use it for aluminium , and other non ferous metals .
Air spindle i don't have , but when i see this one water cooled how hot gets on low rpm , the air spindle for shure will burn after few drills .
Air spindle is ok , when u need high rpm , and u use it in an open space , water spindles , u can use them in closed space , because there is no source of heating else than spindle , and the milling bits .
I use it in a closed housing , and i don't have problems with heat , and noise .
Its just like other thinks , some people use the android , some use ios , some use symbian ... they all think what they use is the best .
Anyway there are some better specs in favor of water cooled spindle , runs more quieter , even if u cut some plastics , u dont hear it at all , runs more cold , and i think this will lost longer than air spindle .
But for water spindle u need an chiller and u need some pipes with colant to coll it down , when with air spindle u don't need all that stuff .
Anyway this is my experience , i don't want to influence ur way of doing thinks.