I do both. I enjoy snow skiing more since there is more variety...(powder, crud, groomers, DH,SG,GS,SL, steep, flats etc) and more freedom as you can do it by yourself if you have to or with a bunch of family and friends which is of course better.
You can also snow ski all day long and water skiing two sets of 6 passes or so is all I can do on water.
Having said that I have more respect for water skiing...you have to have an amazing combination of strength, technique and athletic ability. Water skiing is also more technical, I would say the fin and binding tuning is more important than wax...if you miss the wax you can still win but if your ski set up is really out you are in trouble
What has been quite a treat is snow skiing in China....there are actually 3 credible ski hills within 3 hours of Beijing. I have been to almost 100 different areas around the world snow skiing so I can say the hills near Beijing are credible with some authority.
You can't beat Utah on a snow day though. You guys at SLC have it made. (I'm from Calgary when I am not in Beijing)
Despite my love for running gates...powder is still the best!