Air - Air has a long complex pipe routing. The pipe and intercooler need to be filled and pressurized by the turbo or blower, this may cause some lag. The intercooler effectiveness is directly related to its size, you need to find room for it.
Air - Water needs a small radiator, pump, expansion tank and, related plumbing and wiring. Water has a higher specific heat capacity than air so; you do not need as large of a radiator. (Many people use heavy duty trany coolers.) You can drop IAT'* below ambient air temp by adding ice to the expansion tank at the track.
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