I have used the water based polies for hardwood floors and all i can say is "run away screaming". The water based has NO build up, even after SIX coats it was thinner than paper! My first coat of oil was a good 5x thicker. But as I had already used the water based the oil does not have the bite into the wood that it should and it will crack when something hits it.
It is bad enough that I have seriously thought about sanding the floor to bare wood and starting over!