I 'own' several of both types.
The water-cooled are Siemens GM-150, two 9,000 HP, one 7,000 HP. Aside from some horrendous problems - five blowups in the first three years of service - at the beginning, they are doing quite well. The cooling water was a problem until the local owners got a handle on caring for the de-ionized water, including purchase of their own deionization equipment. The flow switches are little paddle things. We've had a couple of failures on the drive we run almost full time. We ran into problems during a particularly hot summer when the outdoor ambient air was too hot to adequately cool the drive's coolant supply.
I have ten Toshiba T300 MVi air-cooled drives in the 3500 - 6000 horsepower range, although the six 6000 HP units have yet to run under load due to the pipeline they servicer being held up by protests in the Dakotas.
The Toshibas that ARE in service have been trouble-free after a year. Due to the questionable situation with ambient air temperatures, we have 90 - 120 tons of air conditioning in the switchgear rooms where these drives are located. The drives themselves are cooled by this climate-controlled air.
I'm rather happy that the diagnostics on one of our drives detected an incipient winding failure of its motor and refused to start. The motor was tested by various means including insulation resistance, DC winding resistance, and the PdMA analyzer, none of which showed a particularly BAD motor. Toshiba checked their drive out and declared it good. We pulled the motor and when it was disassembled at a motor shop, the damage to the end turns was visible.
old field guy