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But wouldn't it be more cool if the water pit trap allowed the rogue to use his +2 bonus on water / flooding type traps. But since the rogue is only moving at half speed after falling, there may not be time!

If this had to be done "in combat", perhaps this particular trap had to be disarmed via a few different skills / class abilities, and even then by disabling the spring the opened the trap door holding back the water, the spring may have sprung out dealing x damage to anyone in a certain square, etc.

Allowing other players to help in identifying traps, and participating in trap encounters (if only by serving as trap fodder), D&D can keep some of that 1e dungeon feel, etc.