Water cooled engines can remain at much more stable temperatures.
Even if you have variable airflow an air cooled engine is not going to be able to cope as well as good water cooled system in coping with varying load.
This leads to a variable combustion chamber temperature, which means that you can make fewer assumptions about what is going on so have to throw in a bit more fuel-"just in case"
But in race engines where there is no emmisions requirement, load and road speed / airflow / ambient temperature are predictable, it works very well, it weighs a bit less and there is one less thing to break.
Nick