W/A seems to be the ideal setup for a puller and/or drag racer that see's short runs, but I'm thinking for the long haul (land speed records or even daily highway towing).
W/A can cool the intake charge down furthur than a A/A intercooler, but as it cools the intake charge, the water returning to the reservoir brings heat (the heat absorbed during intercooling) back with it. Eventually the "cold source" (ice, water, liquid nitrogen, etc) will heat up and become ineffective whereas an A/A will always have fresh air to cool it. You could run a refrigeration system in the back to constantly cool the W/A, but that it just another headache.
It's like the nitrous bottle, great for short bursts (such as drag racing) but not great for long hauls as it needs refills/maintainence. The sad part is I probably won't need either one, but an issue has arrisen (in all platforms of turbo charged engines) and it would be cool (pun intended) to find a viable long term solution. I think there are enough great minds on this and other forums to do it if we work together. Sometimes stupid ideas give way to brilliant ones....