One thing about oil based finishes is that all brushes, spills ,rags, hands, etc need to be cleaned with Mineral Spirits. So, then you have a small tub of spirits that you should filter back into the container or wait for it to separate and pour back. Not good for the planet to throw it outside. Also, the finish itself is considered hazardous and needs to be disposed of properly, can't just take the top off and let it dry out like water based products. And, you can only put one coat a day on as it takes a long time to dry.
I'm a cabinetmaker by trade and I use both types of finish, but I much prefer to use water based when I can. Its so easy to use, can put on 3 coats a day and just use soap and water to clean and is environmentally sound. In my opinion, it looks best on light colored woods such as maple, ash and birch as it stays clear and does not yellow like oil finishes do. I like oil finishes for darker woods like cherry and walnut as it gives a warmer tone.
Water based finishes have come a long way and offer lots of protection now, I always go that route when I can.