If you want good contact cement use the solvent based products. They havent perfected the water based stuff yet.
Hmmm. got details on them thar imperfections in water based contact what you mentioned to share with us?? In 15 years of using water base contact for countertops, the only failure I've had was attribuitable to now letting it dry thoroughly. and that was on vertical surface melamine which I hadn't roughened or removed any release agents on the surface....my fault. After all it was 2am.
The only other characteristic that I can think of is that the water content does seem to cause a tad of swelling of the substrate, which when it comes to the edging, means that the perfectly filed joint ain't so perfectly filed the next day when presumably the moisture has disapated, causing the edging to shrink back a tad.
In the shop I now use spray solvent based contact for edging, primarily for speed, water based for the large flat surfaces (whizzer rollers, don toss em out, just toss em back in the can awaiting the next job), oh and from the odd time contact is made when the laminate ain't properly positioned, let me tell ya that it takes a tad of gentle pulling and a sharp knife to free the errant piece. No worries about failure in my mind.
Water base contact is just fine. and less stinky.It works for me.