I don't use the spray on my guns. I mostly use it around the house and in the shop, but it seems to be identical in every respect.
As for the Ballistol and water mix, it depends on what you are going to do with it. As patch lube, I generally mix 1 part Ballistol to 5-7 parts of water, depending on the gun's preference. Most of mine prefer the 1/7 ratio. I let the patches absorb all they can, then I let them dry. This leaves just the right amount of Ballistol evenly distributed in the cloth. A little Ballistol goes a long way, so it would be hard to get the patches evenly and lightly lubed without the water as a carrier. The same mix works great at the range for swabbing, though I rarely find that I actually need to swab. It's also a good cleaning solvent.
Diluted even more it makes a great cutting fluid for metalworking, a great honing oil for blade sharpening, and believe it or not, a replacement for Armorall that works better on dash and tires. Straight, it'll do anything that WD-40 will do, without the gummy residue. It's pretty amazing stuff when you play around with it a bit.
It's kinda funny for me to be such a Ballistol advocate. I originally tried it as a patch lube only because I had seen so many recommendations. When I started seeing all the claims, I thought it was "snake oil" and my :bull: detector went off. I set out to disprove as many of the claims as I could, and in the process, fell in love with the stuff! :haha: