I had this exact same question when I was in school. The answer is that the balloons do have equal air resistance, but that affects the air balloon much more. read more
The same force that keeps objects floating in water (buoyancy) would oppose to the fall of your air balloon. But thanks to the rubber, it still falls. Since water is much denser (which makes the water balloon heavier) it still falls. The water-filled balloon would not fall through water, since water is heavier than rubber. read more
Water is denser than air, the air inflated balloon will ride down like a feather. In a vacuumed environment, they will fall at the same rate. read more
Liquid has a fixed volume while a gas does not. The balloon has something called tension. Since water cannot be compressed or made smaller it fills the balloon much faster. When you start blowing up a balloon the gas becomes squished together, so it takes more air to fill the balloon. read more