Toyota also used the Air to Water on the 1988-1990 Celica Turbo AllTrac.
I do not care for the air to water setups, for the following reasons:
1) More plumbing - more possibility of leaks
2) Extra radiator required
3) More load on the alternator
4) Extra water marine pump required
I'm a "lets keep it simple" guy.
For an all out drag car - sure, as the air to air will equal thermal efficiency of an air to water at 30mp/h, but for a "regular" driven street car - air to air for me.
Yasin