First off I think we should look at the oil based advantages/disadvantages
For - High sheen,Good flow and level,Durability
Against - Harmful voc(chemicals),White spirit clean up,Drying times,Odour,Yellowing in a short space of time
And now on to the advantages of water based paint
Vastly reduced odours,Less voc`s(can even get waterbased with no harmful chemicals),Easy clean up,Drying times(enabling to finish some jobs within the day)White will not yellow over time