Joe,
While I am unable to personally answer your questions I was curious about the term "water lift", so I looked it up online and found this that may interest you (see the website for more information). Others should feel free to offer corrections or clarifications as needed, as my knowledge about testing vacuum cleaners is limited:
http://www.bestvacuum.com/vacuum-cleaner-specifications
Water Lift (Sealed Suction)
The sealed suction of a vacuum cleaner is measured in inches of water lift. This rating is taken when the motor is totally sealed, and the term refers to how many inches the motor will vertically lift a 1" column of water.
Water lift is what gives a vacuum cleaner the power to pick up or "lift" debris from the floor surface, while airflow then removes it to the dust bag. Vacuum cleaners with more inches of water lift will have an easier time picking up sand and other heavier soils from carpet and flooring.
This is a good specification to compare how well the vacuum cleaner will perform as the bag fills and the filters load, and is especially relevant when choosing high filtration or HEPA filtration vacuum cleaners. It also provides some idea of how vacuum cleaners compare in terms of picking up heavier soils such as sand, grit and so on.
There is no need for water lift ratings on both types of uprights, because there is so little distance for the air and soil to travel. CFM ratings do not have to be as high as canisters for the same reason.
Airflow
Airflow is by far the most important specification in terms of determining the cleaning ability of a vacuum cleaner. Measured in cubic feet per minute (CFM), it is the force of this airflow across a surface that picks up the dirt and moves it to the dust bag or container. Therefore, the more airflow, the better the cleaning ability of the vacuum cleaner.
This is the most important specification of all when choosing a vacuum cleaner because airflow is what moves the dirt from surfaces to the dust bag or container. In short, airflow is the best specification that demonstrates cleaning ability.
So, now with airflow rated in CFM and water lift rated in inches, what types of numbers should you be looking for? On canister vacuum cleaners (with or without power heads) airflow of 100 CFM or more and water lift of 90 inches or more is recommended.
Upright vacuum cleaners come in a wide variety of configurations, but there are two basic designs. The first is the "Direct Air" or "Dirty Air" design where the dirt passes through the motor prior to any filtration en route to the dust bag. Dirty air uprights are only rated in amps.
The second basic design is one that features a by-pass motor where unfiltered air does not go through the motor. In uprights with this design, only filtered or completely clean room air passes through the motor in order to cool it. By-pass uprights will usually provide airflow but not water lift specifications and a high performing upright will offer 60 CFM or better.