water based is fairly new and came about because people did not like the yellowing created by the oil poly.
water dries soo fast and can be reapplied soon after initial coating, where oil needs a day or so between coatings.
Water will not gather as much dust as oil because of the shortened drying time.
The finish "slip and slide" is created by many many coats of poly applied sanding with steel wool after each coat. The key is application of small amounts of poly one after another. Huge amounts at once will never dry and will be gummy.
This finish can be achieved it just takes time and patience.
Also, there are three different sheens of both polies. satin, semi gloss, gloss, and hi gloss. you do want hi gloss.
I once prepared a gun stock for a friend that wanted that plastic look, very shiny and very glossy.
I think that I applied over 20 coats, steel wooling after each coat and using the best of the best brushes. Brush strokes will be one of your main concerns to eliminate, so a good brush is esential.