A water cooled heat exchanger is always more efficient than an air cooled heat exhnager. Why? Water has a greater heat capacity than air; therefore; the total surface area for heat exchange is smaller.
Example. On the recent thread about the turbocharged NSX that belongs to Gerry Johnson, notice how large the (air cooled)aftercooler is. Now look at the (water cooled) aftercooler that is being developed for the BBSC. Notice the significant size difference. Similar mass flowrate of air to be cooled at similar compressed temperature. Because water is thermodynamically more efficient at removing heat, the aftercooler is smaller.