Hot Rod magazine tried successfully on a '79 Turbo Century. They turn it on at 0pis and back off at ~5psi. Got rid of all the lag. But by the end, they were running it all the time.
Nitrous oxide will provide a cooler charge. This is the same idea behind water/alcohol injection. But water/alcohol injection doesn't itself add power and isn't viewed as cheating by as many as nitrous oxide is.
A turbo is always there, always ready, unlike nitrous oxide. Water/alcohol inection can run out as well, but it lasts much longer and can be refilled anywhere for little $$
It's all personal preference.