I also think water cooled was a necessity for the Twin Cams. We should all remember our history here... The original design of the Twin Cam overheated when too much oil was sent to the heads and hit the drain pan, right? Shock load on the oil pan was too much to overcome. XLs are vastly different. "better" design for oiling system for sure.
The whole issue, to me, seems to be the design of the heads, and... the oiling system, too. Too small of rocker box area-vs- too much heat generated in the combustion chamber. Oil running past pistons on the way to the tank cannot help much either. A true redesign of the oiling system, to even GET oil cooling... would in reality be a new engine design. Twin cam is antiquated design, which I feel new bikes, like the Indian, or the Victory have the upper hand, because their designers have the ability to take the oil to the outside, where we stick with internal oiling... thru the cylinders themselves.
This was an easy fix for MOCO to keep up with the HEAT of EPA cams, etc. Isn't it really soon we have to get rid of tons of NOX? Water heads just took a different casting to accomplish. Oil scheme is still the same.
I think the days of the Twin Cam are becoming numbered. We will all say "NO!"... but everyone was surprised when they killed the EVO, so???
I bet this COULD give head porters some fits... Mercury castings with bad core shift... and now a water jacket to boot!
Can Bus Touring bikes will be a HOOT for some. There are quite a few folks that have NO clue on body modules, etc.

Oh... I simply can NOT see a 110 on a stock bike... too many issues over the years. 113 stock with a 116 or 120 CVO seems more likely. "Stock" 4.060 barrels with base gaskets. I've always had a sneaking opinion about the true reason MOCO released the 120r anyways... eg: will the 4.060s hold up? Will the basic 4 5/8 crank hold up? How are base gaskets working out in the field?
Oh... "Water Heads" works for me, too.