Pretty good info at this link:
http://www.thesamba.com/vw/forum/archiv ... 422--.htmlI'm not a diehard either way. I had a 1915 VW in my last rail. I have a 2.3 Ford turbo in my current rail. I think they are all great. It's like ford vs. chevy vs. dodge vs...... You get the point. Do you have a favorite color, go that route. Water cooled requires quite a bit more equipment and sometimes weight. EFI computer of some sort, aftermarket or reflashed stock, radiator, fans, high pressure pump and filters etc. I like water cooled myself for it's modern technology, no carbs, reliablility, and cheap engines from the scrap yard. With that being said I have well over $5000 in my engine and accessories to support it. My EFI computer is right at $1200 to control it. It's only cheap if you buy a used engine, keep it mostly stock and modify your harness.
EFI controller for an Ecotec from CBM is $1000, engine at a pull apart around $500, radiator $100-300, fans $50-200, fuel pump $50-200, adapter plate around $500. It starts to add up no matter which way you go. Unless you can find really cheap parts, trade stuff you have now or have sticky fingers, it will cost you. It's a hobby and what else would our wives have to complain about if we didn't spend all the money on toys?!