My thoughts are evolving! Being of the old school, my preference has always been oil base especially for finer paint projects. However, primarily due to restrictions the EPA has placed on paint manufacturers, the modified formulas manufacturers have been using to keep oil based products on the shelf have not delivered the same quality that old formulas did.
Consequently, we are now using water based paints on nearly every single job we do. The water based paint technology has come a long way since it was originally introduced, coming very close to the performance and durability of the old oil based paint. There remains a slight difference in the ability to repair chips in water based paints as opposed to chips in old oil base paints. But given that we cannot get oil based paints with the body that they used to have, the oil based vs. water based factor is not big enough to select oil based paints.