Water-based vs oil-based polyurethane for high-traffic floors: coats and tips

[Stephen61]

I'm a first-time homeowner tackling my first major DIY home improvement project: refinishing the hardwood floors in my living room and hallway. I've done plenty of research and feel confident about the sanding and staining process, but I'm getting conflicting advice about the final polyurethane coat, specifically whether to use water-based or oil-based and how many coats are necessary for a durable finish in a high-traffic area. For experienced DIYers, what are the pros and cons you've encountered with each type of finish in a real-world setting? What was your technique for applying it smoothly without brush marks or dust nibs, and how critical is controlling the room's temperature and humidity during application? Are there any tools or preparation steps you wish you'd known about before starting that made a significant difference in the final result?