exscentric said:"Baptismal regeneration says that the power is in the water itself,"
Can you give some references of people holding this belief. Have never heard this in relation to baptism, nor baptismal regeneration.
Baptismal Regeneration is what Catholics and Lutherans teach. They believe grace is directly bestowed upon the individual, from the water, when done by an authorized priest, etc.
I believe it originated with Tertullian, in the 2nd-3rd century...(Edit: this might be Origen. For some oddball reason I always confuse these two. I don't know why.)
CoC and some others, believe that Baptism is one step in the Ordo salutis, which is all dependant on faith, not that some ordained priest can bestow grace/salvation upon others, through Baptism.