The reason this works so well is because THC is not water soluable while other compounds within the plant are. Basically what you are doing (which is why I question water curing over traditional curing) is causing the plant cells to lyse or burst open and release their contents. With most of the cells this is very minimal due to the rigid cell wall in the plants made of cellulose (Stems, hardy branches etc). If a human blood cell is placed in fresh water, it will absorb the water in an attempt to get the concentration of nutrients on either side of its plasma membrane to equal, this is why IV's are Saline solutions, to prevent the cells from bursting. So basically the same idea on the water cure method is occuring, but due to the strength of the cell wall which animal cells lack minimal bursting occurs in nature. However I believe once submerged in distilled water or tap water for so long the cells will burst. I mean look at a heavily heavily overwatered plant, it dies slowly because there is too much water. But at the same time correct amounts of water allow it to hold its firm shape. But back to the point of water curing - to remove everything but thc in as little time possible. Sure it helps get out the different water soluable substances in the bud quicker, but naturally these substances would breakdown (as evident in air curing) and be left inside the plant cells. Toxins inside the cells in the water cure method are released into the plants circulatory system which in turn kills other cells near it by changing the pH of the enviroment until these toxins become trapped in the plant, broken down by cells that are still surviving (the 2-3 days after harvest), or flushed out of the plant. Now knowing a lil about biology and microbiology I can tell you that once the circulatory system has been blocked (the cells at the cut would be the first traumatically affected by the water) that these toxins would still be flushed, but less efficiently. And one has to remember not all cellular components (cellular fluid, excretion etc) are water soluable in the first place. Some would non-the-less be stuck inside the enviroment of the cells that are slowly dying off.
I guess my point is - with water cure method you speed up the death of the plant at the cellular level, this prevents the plant from using up everything and disposing of everything in a natural way.
I'm old fashioned air cure myself and not here to down anybody's methods but it was just my view on why water cure would be less wanted. I'm not saying what the compounds left in either one turn into when exposed to heat like a flame because in the end that should be what we are more worried about than THC content and I dont have the necessary equipment to find out what they turn into, it just seems to me that alot of unnecessary cellular level toxins are being left behind by water cure method.
Anybody with superior knowledge please feel free to correct anything I've said here, I wont be cocky enough to say I'm definitely right.