Air-Cooled
Pros
--Cheaper to operate
--Easiest to install
Cons
--Hotter air in operating environment = less ice production
--Loud operation

Water-Cooled
Pros
--Quiet operation
--Consistent ice production
Cons
--Delay in ordering
--Harder to install
--Can be very expensive

Remote Air-Cooled
Pros
--Quiet operation
--Most efficient heat removal
Cons
--More initial expense
--Difficult installation