I would never choose an air-water intercooler if I had to choose.

Think about it:
Air-water: air-300?*f, water-160to210*f
Air-air: air-300?*f, air-20*F to 110*f

Even in the hottest of days the air-air intercooler will do more to cool the air. Running ice water may work on the track VERY well, but for the daily grind, it is not at all practical.