If you go for split units, you can have 3 or 4 room units per outdoor unit, but not much more than that. All those room units share the capacity of the outdoor unit. That's probably fine for a flat, but if you have a house you end up with needing several outdoor units.
If you go for 'central air' then you get a single outdoor unit (US folks often put them on the roof) but you then need to duct the air around.
With air you get no heat without a fan running, so there will always be some fan noise, although I suppose it's not do bad if the fan is at the far end of a duct. With water, the flow in the room can be silent (assuming the pump is mounted sufficiently far away). That's important if you want to sleep with it on, because some can't sleep with any fan noise.
Air2water heat pumps can heat your water too, which air2air can't.
Theo