Water holes are good IF, and that's a big IF, there are very limited water sources. For instance, the main ranch I hunt here in CO. has 26,000 acres and a lot of antelope. Problem with water hole sitting in these parts is that there's another water hole just a half mile away in about all directions because the ranch uses solar and windmills to fill water tanks. Put a blind up at any one water source and the antelope will simply go to the next one to avoid approaching the "funny look thing"/blind at your chosing water hole. ALong with that, seems like every year the rains begin to come about every afternoon and there are little water holes in every depression that will hold water.
So if you're planning on sitting on a water hole, ya have to know that there aren't many other water holes for'em to use.
Just like fence crossings. Put a blind up at a well used fence crossing, and if there's another crossing for them to use not far away, they'll avoid the crossing with
the funny looking thing"/blind and use the other crossing. Heck, I've even seen'em basically force their way through, even jump a fence just to avoid getting close to a blind that's at thier normal crossing route.