Patching plaster: Water putty or vinyl spackling

For filling holes, patching defects, filling in cracks, etc. in plaster (not drywall) walls, which is better, Water Putty or vinyl spackling? Any particular reason to use one solution over another?
(I've heard good things about water putty but don't know too much about it).
Thanks!
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Er, have you ever thought of "Patching Plaster". That's a product not a description of the activity although it's what you do with it. 25lb bag available at HD or Lowes. Cheap. Mix with water.
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