i've tried several brands of water based polyu, the last was min-wax (wipe-on).
imo, for me, the stuff is in no way as good as any resin based polyu - it doesn't cover or prep or gloss well at all. yuk.
for me, there's a huge difference in application. resin based min-wax GLOSS wipe-on polyu goes on like slick glass, whereas the water based version just doesn't, it drags. it took me at least double the amount of water based coats as with resin based coats to get an acceptable level of finish thickness and protection ... and gloss level.
three coats of resin based and a wood shaft looks and feels real nice ... add the fourth coat and it's just gorgeous. with water based, EIGHT coats down the road just to make the shaft wood look decent. just my experience with the stuff.
while there is no great stink with water based, the smell level of wiped-on resin based polyu is very low, low enuf not to bother the bloodhound nose of my wife.
spraying is a totally different story with resin based finishes - once atomized, the stink increases and lingers forever. wiping on, not a problem at all for me.
no brainer there - i'm sticking with good ol' resin based min-wax gloss wipe-on polyu.
i might add - as a luthier i've tried all manner of water based finishes for guitar wood, and spent a small fortune in doing water based lacquer spraying - same deal for me, just nowhere as good as those nasty resin based finishes for both application and final results. ymmv.