Jim,
I've used the water based head cement for a number of years now. Got such a high off the old stuff, that I figured any thing would be better. Flys probably looked a bit better to me under the fog of chemicals, but they stay together very well with the new. If I want a glossy head I'll usually put on a couple coats of WB and let it soak in good, then hit it lightly with some Sally Hansen. The trees and fish I catch don't seem to mind.
Betty