I've used water injection on several turbo engines, it works great. Not snake oil, more like magic free
octane. On one engine, an air cooled VW turbocharged engine, it *really* helped an engine detonation/ping problem.
On a high compression engine like the Insight it would help a little, but not as much. It basically adds about 3 points to the octane
rating of the fuel. The car then can run the timing a little more advanced, which should get you a little more mileage.
Again, in my situations I used it for ping/detonation control to avoid damage to the engine.
You use quite a bit of water, by the way. Systems that just bubble a little air in a jar and then admit the slightly
humidified air into the engine do nothing at all. On a V8 engine the water amount is about as much as squirting a
kids squirt gun full on into the intake ! You would think it would 'put out the fire' in there, it is so much water !
I used it on a turbo VW air cooled in a bug, a RX7 rotary turbo and a 5 liter turbo V8 engine in a 2600 lb car

-Les