I don't think we're anywhere near to cresting on the increased use of water-borne products in faux finishing. Contractor Chuck James, proprietor of finishing school Rocky Mountain USA, isn't sold on the idea that water-based products are the coming answer to many faux finishing situations. You can't get the same clarity with water. Pro Faux's Frohnapfel agreed, but took a more middle ground. Another part is workability.
Oils are more forgiving, since they have such a long open time.
On the other hand, because waters do dry faster, you can work on adjacent areas much sooner than you can with oils. For the most part, Marx said, they just don't perform the same way. They can do some nice things with rubbing in color or getting soft glazes, but what's more difficult to achieve with water are some of the removal techniques. As already mentioned, Marx said there is difficulty with working time, but also with translucence. Others say, however, that there are distinct advantages to using water-based finishes.