Greg,

I've used both on oak floors. The water-based did not stand up well in
the high traffic areas with a big dog, even with four coats. Look at
the small print on the can and it will probably say something about
needing more frequent re-application. I should have re-done it after
six years.

The oil-based does "color" the floor more, but I think it's a more
durable finish. High gloss is tougher than semi or satin. Its been 12
years since I used the water-based so they could be better now. The
oil-based, high gloss I put down two years ago still looks like new.

Of course the dog is gone now.

The water-based should work fine as long as you re-do it more
frequently.

dss