so, to put it simply, it all basically depends on the chra ie the bearing shaft housing.. not all seals can take certain levels of heat, similarly the materials inside the turbo may need that little bit of extra cooling from the water so that they dont over ex-pand &Y in turn wear more easily..
that said, propper racing turbos eliminate the water lines & stick to oil cooled//lubricated.. well for various reasons, the main one being when a turbo (hi power) is seeing egt's of over 850deg the water is close to being vaporised inside it,. thus causing nothing but a messup in the flow of the water table..
its also removed in racing turbos to make the turbo significantly smaller (chra wise) & to avoid the change of temps inside the turbo when it is cold, as u want a racing turbo to be much warmer than a stock turbo.. a stock turbo has waterlines as well so that it can heat up the water a little quicker so that on a cold start (being an efi system) it wont need to last so long "on choke" & thus prove to be more economical..
its true its a minimal difference but only manufcatures knew what they had to create to get the car warm up & be economical as possible, while retaining that sporty feeling
i ran my td04L on 1.7bar with water lines.. that said im running my greddy td05 at 1bar & its oil cooled only.. only noticed a difference of 8deg in the water temp on full boost after a few runs down the qtm
kon