Now, Blasphemy Alert, I'm not so sure precise temp control will make that big of a difference taste-wise. Given: I haven't had a chance to try it both ways on my own beers. However, I have done side-by-side comparisons to similar commercial examples. Neither myself nor my "beer knowledgeable" friends can detect off-flavors from non-perfect ferm control.
Provided you keep on top of it, there is nothing wrong with the water bath and ice bottle method. The key is keeping the ferm temps down and no matter what method you use, you will get better beer out of it.