I prefer the oil based but this is just a personal feeling and I know the water based are fine. I think the odds of a negative physical reaction are likely to be much higher with oil based poly. When I finished our floors, my wife took one whiff, practically passed out, and was sicker than she has ever been for a week from the voc's (volitile organic compounds) vapors. Granted, the poly was still wet and she has been fine ever since it dried. If you do go with old fashioned poly, then I always use high gloss for first 2 coats and then a more satin finish for the top coat. I have been told that the high gloss is somewhat harder than the satin. I don't know if this holds true on water based products.
Some things that wear out these floor finishes fast: Sand, dogs, gravel in boots.
Sand: If you have any sand on your property, cover it up with grass, asphalt or gravel. People track it in and it is like "sand" paper to your floors. Dogs: scratch, scratch, scratch, Gravel: If you have a gravel driveway, police peoples lug soled boots for stuck pieces unless you like antiqued floors.