What are the key differences between oil-based and water-based polyurethane finishes for wood surfaces?

Oil-based polyurethane finishes for wood surfaces are more durable and provide a richer color, but they take longer to dry and emit strong fumes. Water-based polyurethane finishes dry faster, have a lower odor, and are easier to clean up, but they may not be as durable or provide as deep of a color as oil-based finishes.