On my prespective Both type of snakes are exoticly beautiful. Generally Python scales are bigger and look more classic and the size of the python itself bigger, but water snake have more Natural marking prints which is more attractive.
From my personal experiences on using exotics skin bags or shoes, I think Water-Snake is tougher on texture wise, and Python is more sensitive especially if dealing with liquids.
For example Python skins will get or look crinkle whenever get contact with spill water/wine/perfume/etc, but Water-Snake products will be more tougher when in contact with any spill liquids (real experiences happen not long ago with one of my handbag), but.....when you keeping both type of these exotic products make sure that the room conditions won't be to dry or to damp, it will both ruin the texture of both skins, dunno why exactly since I'm not a expert on that part.
On CL products wise, I think with the new collections of water snake on their lines, adding more style and choices for us and other customers to pick one or even have both type of exotic skins on their personal collections. Perhaps using the Python on Summer time (because of the weather will be more dry and rarely raining) and using the Water-Snake on Spring or even Winter because the weather normally intend to be colder and damp.
Hope this will be useful for you guys, especially the Exotics Lover and Cl Fans