I had a water birth, it's my only experience of birth so I can't compare it to anything else but here goes.
(Looong and not good, TLDR at bottom)
Labour started in the afternoon, went in at about 5am because although contractions were still about 5/6 minutes apart I wasn't coping with the pain. 4cm dilated and 'allowed' to get in the pool because I wasn't coping with the pain.
Gas and air, so much gas and air, I was high as a kite, using it when I shouldn't have between contractions and forgetting to breathe during them. My jaw was sore for days afterwards from biting down on the tube. I couldn't resist the urge to push even though I knew I shouldn't be, which was knackering and really painful. I became convinced I was going to die, but I was so out of it in the gas I couldn't really hear what people were saying to me so couldn't be reassured, or get out, or tell anyone what was going on. At one point I though I might actually be dead and in some sort of hell.
At another point I tried to slip under the water thinking that would mean they had to get me out and transfer me to delivery where the better drugs were, but DH held me up!
The low lighting and the gas and the playlist DH had made combined to make it seem like a really bad trip (not that I'd know).
When it was actually time to push it all became a bit clearer and easier, though I think I was told 'one more' about five times.
DD arrived at 09:59 and all was well. We stayed in the pool for first feed, until I had to get out because the placenta was stubborn. That was awful too. Stitched up (almost a 3rd degree tear - later got infected). Couldn't wee (vomiting all liquids) so not allowed out until 10 at night. Went home still in a daze, had flashbacks and episodes of thinking I was dying/dead for about 48 hours.
I think if I'd not got in the water I'd probably have asked to be transferred to where the good drugs were, but whether or not it would have been a better experience I don't know. I think probably not, I imagine I'd have had epidural (I wouldn't have minded that but didn't want the increased risk of intervention that came with it) and an episiotomy, which I really didn't want,
If I was to do it again (I'm not, this plus HG put me right off), I'd tell myself to go easy on the gas, just seen someone had diamorphine, I was told this wasn't an option in the pool. If I could have had that it would have been ace (had it with pneumonia and it was magic).
TLDR: I had a lovely water birth on paper, but actually felt like it was the most traumatic thing I've ever experienced, go easy on the gas.