Just read and nice test.
A couple of thoughts to add to the mix:
1) There is a mix of heavy solvent products and water based. These two products are not really comparable because they operate in very different ways on different soils. Solvent based products (they will not be dilutable with water) are generally designed for the removal of heavy tar deposits - if poured onto asphalt, they would actually start to dissolve and melt it. As it happens, they often do a pretty good job on bugs. Water based products are basically APC type products. They are effective against a broad spectrum of things with bugs amongst that. Now, tar - generally very ineffective - pour even the concentrate onto asphalt and there will be practically no effect.
Summary is that the two products do cross over but the bigger picture is very different for each class of product.
2) LSP - solvent based removers are generally based on solvents which are stronger than those in your mineral spirits or panel wipes, these will be extremely effective when it comes to removal of LSP. Unless your LSP is very good, it is likely it will need reapplication. Water based products are another story entirely. Certainly with the LSPs we make, very few water based products will strip in one go. What you do need to take care about is that the surfactants will stick and this can give the incorrect impression that the area is stripped. What has actually happened is that you have LSP coated with surfactant which loves water so totally hides beading and sheeting. This happens ALL the time when we test products and you often need a wash mitt in hot water to wipe the area (sometimes several times) to get rid of the residual surfactant. Then - voila, it is beading and sheeting again.
3) Cost - even before considering the dilution, water based products should cost notably less.
In my view, if you are looking to remove bugs and don't have a tar problem, you are simply wasting money and making work for yourself with a solvent based product. I think also that water based bug removers are a bit of a marketing exercise. We do not sell a specific bug/insect remover because that job is easily done by the citrus prewash type product. Moreover, when you realise that this product type can do the job at between 20 to 50:1 whilst costing the end user less than $20 per litre, it tends to highlight that the bug specific water based products are really very expensive.