From what I understand MW50 acted like an antifreeze for the lines or some such something mumblemumble.
MW50 is an anti-detonant. It's a 50:50 mixture of methanol and water, hence the term, 'MW-50'.
Upon its injection, it would allow the engine to run at higher boost pressures for a prolonged time without risking damage or failure. The water was the main medium of dispersing heat, and the methanol was just mixed in to keep the liquid from freezing up at high alts - thus, the methanol is the 'anti-freeze' in this case.
Since it did not increase the boost pressure by itself, it wasn't as efficient to use MW-50 at very high altitudes where the boost pressure of the engine dropped sharply. At such alts, the use of GM-1 would be preferred, which was a nitrous-oxide that increased the boost pressure itself by providing more powerful combustion.
The P-47's 'Water-Injection', and the F4U 'ADI(Anti Detonant Injection.. I believe..)' was essentially the same thing as the MW50.
However, I have no idea why MW-50 can be run at nearly 10 minutes straight, but the P-47 or F4U injection is limited to 5 mins. Perhaps Germans were more desparate and just decided to sacrifice engine life expectancy.