I didn't get to try water base clear coats but I used water based paints and we had a paint booth specially for it because it needs air circulation to dry,I'm pretty sure it's the same with the clear.
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If you look in the back corners you see the QAD's (Quality Air Drying) I was advised to spray water based with this setup, only thing is if time isn't a concern I don't know how much it needs without this.
The pro's of water based is the massive headaches that painter's had after a weeks work of painting day after day was practically non existent(paint cabin really doesn't smell at all)
Con's would be the setup needed and a slightly(5 mins more maybe from my experience during winter) drying time compared to solvent time but when I talked about this to a Mercedes painter he said that it takes the same time at the end.Mercedes have water only paint here.
Also that QAD is pretty expensive.