Personally, I think it's well worth the hassle of the oil based products because they can give you that hand rubbed, high quality look. I've never used a poly product that I have been happy with the results. They dry too quickly, don't actually penetrate the wood but lay on top. One nick in a poly finished piece and you are back to refinishing the entire section. Oil base is much easier to apply and you don't get air bubbles in the finish either.
I'm sitting at a computer cabinet that was originally stained with a water based product and had poly put on it. The former owner was so distressed with the results that he was going to put this $800 piece of furniture in the trash. A good amount of time sanding and about $40 in supplies yielded a beautiful piece of furniture using the oil based stains and tung oil finish. It's durable and I know if I get a ding in it, it's easily touched up. Can't do that with water based stains or poly finishes.
We had rub all our stains and finishes and toss the rag after each use. Be sure to use clean, lint free rags and properly dispose of them. No brushes = no air bubbles.
Yeah, the water based stuff is easier, cleans up faster but does not give the long lasting results of the oil base products.
