Water is a deadly obstacle in love, usually it runs in big rivers surrounded by high cliffs and is deadly to fall into, as long as the player doesn't have a dive gear equipped. But even with dive gear it can be risky to jump into it as it is often very hard to find a way out of it again, as strong currents and the high cliffs often work against you, so jumping into the water with a token is often a bad idea (as you'll loose it if you are forced to respawn).
The water can turn helpful sometimes though, as the AI often have a hard time crossing it and also because of the regular flood that hits the world. During flood (also known as armageddon) the water can rise very high, which (if you have a dive gear) can make new areas accessible for you and make it easier to find tokens.