First off spraying Nitrous on the intercooler is very different than using Aquamist. Aquamist injects a fine jet/mist of water into the engine to cool combustion charge and to effectivly raise the octane rating of the fuel being used. You can create very detailed mapping with the right options.
Second, Nitrous is very cold as it expands leaving the compressed bottle and is very effective in cooling the intake charge in the intercooler. Not sure if it is worth it in our cars. But if you are turbocharged and running high boost it can make a big difference.