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Longevity, Power, Efficiency.
Pick two?
Water (and meth) are a risk. With enough combustion pressure no amount of ignition timing will save the engine if it fails. Add too much water and hydrolock the engine and break things. Even if it works correctly, water isn't a good lubricant and can cause cylinder wall wear.
Diesel fuel is more expensive, but there's seemingly no limit to compression ratios and boost pressures in a Diesel in comparison to a gasoline engine. My diesel had a 23:1 compression ratio and I got 50mpg in that old 1985 car.
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