One land birth, one waterbirth (one cesarean, but I'm not counting it for sake of this reply!).
Land birth was WAY harder to push baby out, and I got "skid marks": not real tears but sort of like little splits in the skin from stretching a lot. She was 6lbs 14oz.
Waterbirth was amazing. I can't say enough about how different it felt. The ring of fire felt better, the push felt easier, and even though baby was almost TEN POUNDS I didn't have a single tear, split, or even a freakin' bruise! The following morning I was sitting cross-legged in jeans without even the smallest amount of discomfort. I'm not saying that if you get in the water you're guaranteed not to tear, but I AM saying that it definitely makes a difference on your body. Never doing land again if I can help it!! Waterbirth is easier, and more comfortable, hands down!
Labour was also way easier in water deep enough to float my hips a little. Night and day from being out of the tub.