Well the immediate advantage I see here is if a C-rank or weaker fire techinquie is launched at you and as long as there is a water source nerby you can use this as a defense mechanism. It can also help in pinch if you're in a fight with someone who's greatest strength is close range.
Disadvantage to this is well you have a Chidori spears/plasma ball to worry about or if your opponent wanted to go under water for a surprise attack you wouldn't know because the water wall will ubsurct your vision.