Concrete stains - Acid vs. water-based?

I have a 50 year old 3 rise entry step I hope to give a quick makeover and I like what seems to be the convenience of relatively newer water-based stains. Unfortunately in general it seems the finished product reviews are always less positive for water than acid. Even worse, the majority of the water-based complaints are for the transparent version which is what I am leaning towards. What makes me most leery is that so many describe it as more like paint than stain and susceptible to peeling. I understand a lot has to do with prep, how it's applied and concrete variables (moisture, porosity, etc.). Concretenetwork.com (http://www.concretenetwork.com/products-stains/water-vs-acid.html) offers no definitive push in either direction. Hoping someone with practical experience can shed some light on water-based stains and whether or not they actually perform as a "stain". Here is a slight glimpse of the step I'd like to refresh. Attachment 50092 (http://www.doityourself.com/forum/attachments/decks-patios-porches-walkways-driveways-stairs-steps-docks/50092-concrete-stains-acid-vs-water-based-crete.jpg)