Waterworks has somewhat better stats. The blade and trap from WT can be a help, so I like to craft at least the robe and hat from WT to use while I farm WW.
Since I don't farm WW any more the crafted is best for my level 60ish storm. My life wizard whips up the gear for all my wizards in a reasonable amount of time so it actually takes less time with results = no chance to get. I have the lvl 58 boots though.
