Wet sanding is a nice way to work... while you do get alittle wet, you dont have all that dust floating around just a wet mud of sanding dust in water.

it works very well for nearly done boats...not for raw wood. exposing raw wood while wet sanding is not good and can make a mess of a nice finish in some cases.

I have used wet sanding techniques with course paper for fairing fiberglass layups with good success but take extra care to avoid sanding through to wood