I went with water to air because an air to air will not fit my car.
Having just finished hooking up my water to air PWR kit on my car I can say that for certain, the water to air would be best suited for drags and short bursts of high boost, and an air to air would undoubtably be the best for street, so I it depends on your application.
Keep in mind that the sizes of the cores and radiators are correctly matched to the size of the engine. Too many people undersize their intercoolers, and end up with radiacally high air intake temps.
My system is based on a 400HP 4"x8" PWR intercooler core, with a 10"x11"x1.5" radiator with a 10" thermofan. The radiator is mounted inside a wheel guard to keep it well away from engine heat. I am using pure coolant, not water, and no ice YET.
Off boost, the air temp tops out at 38 degrees, where without the intercooler it used to get as high as 65 degrees, and even 73 when idling after hard driving. On boost has (as mentioned by another person) VERY stable air output temp. It will get to about 40-41 degrees, and not go above that. Even at 16lb boost. The problem is that the heat begins to build up over time. After some hard driving the coolant temp rises faster than the radiator can get rid of the heat. This results in air intake temps peaking around the 47 degree mark, which is still a hell of a lot better than 65-70.
After about 3-5 minutes of normal low speed off boost driving the air temp returns to 38 degrees. This time could be reduced further by reducing my 7lt coolant tank capacity, but that too would increase the rate that the coolant heat soaks as well. The only other option is adding another radiator.
About running ice in these intercoolers, yes it has been done before but ice melts so its just not practical for the street. But it is VERY affective for drags, and you can lower the air intake temp to as low as about 4-8 on boost degrees with the right size water resovour with ice. From what i've read, a bag of party ice is good for about 3-4 1/4 mile runs.
The most extreme water-air i've heard of was a system that pumped alcohol as coolant, which would not freeze when the dry ice was added to the tank. I'd imagine the tank was somethign special however, as it would have had to be able to vent all the CO2 gas the ice was releasing as it melted.
Thats my 2 cents worth on water-air intercooling.
Cheers,
Ian.