I don't know about the bearings to which you are referring but SKF tells me that they see degradation of their bearings at 200 ppm. Most manufacturers of oil do not permit water content to exceed 100 ppm. Water is a catalst for sludge formation, causes corrosion, encourages biological growth, and depletes certain additives rather rapidly. In general, the lower the water contentent, the better lubrication for bearings.