what are the pros and cons between the air to air intercoolers ( fmic ) and the air to water.

obviously the differences in hooking up the plumbing and trying to tap the right place for coolant on the air/water and a shorter charge pipe length, but I am wondering more on the performance side.

does the air/water give as much of a temp drop?

does the engine coolant system run hotter and would upgrades to the cooling system help counter act that?

would the air/water be able to support higher hp later or is the air/air better for higher hp?