Personally, I don't see a difference (performance-wise) in normal, every day use. Oil bath seems to be better with dusty environments, though.
My grandfather swears by the oil bath setup -- he's been using them since time immemorial (or the late 1930's... I'm not sure
).
Personally, I like paper filters because they're not messy, but I don't have a problem running the oil bath that is in the truck.
