Water injection works well to reduce the intake temperatures significantly and is generally much easier to install than a new intercooler.
To gain more horsepower by using water injection generally involves changing the air-fuel ratio which is pretty simple to do but then if for some reason the water injection fails or more commonly you run out of water or like Gandalf have leaky reservoirs

then you are faced with a situation where engine damage could occur because of lack of water injection.
However on a stock or tuned car the knock sensors are working quite hard with our bad quality fuel and generally there is some ignition retard occuring due to various factors such as changes in barometric pressure, heat, boost etc. add in water and the retard is gone and some gains are realised
The only way I would recommend you tune a car with water injection for more horsepower is to utilise a relay to switch off boost (quite easily done) controller when the water injection stops.
Happy tuning
