"Acrylic" refers to the polymer pigment carrier. Paint can be either lacquer based or water based and still be "acrylic". I'm with George, i have never been able to get the water based paint to work for me. Water base and lacquer can be mixed(painted over each other) as long as they are allowed to dry between coats. I've done it, but never liked mixing the two.
I've heard good things about the Woods & Waters paints, but I've only tried a couple colors. Not enough to make any kind of informed judgement on them.