I've looked at those sensors and precluded them because their response time is way too slow - they typically take more than a minute to reach 90% of the maximum output value. Won't work well for measuring in a gas stream, but maybe if one collected all gas, and measured its volume and CO2 concentration...anyway, less ideal for water.
I'm quite sure that FTIR would be fast enough, the instrument we have takes a full spectra (400-4000 cm-1) in just a second or two. But i also think that an FTIR spectrometer would be at least 100 times more expensive than any of the other options discussed so far. Also, one would need to have the sample compartment and everything before it heated so the water vapour won't condense, and i think there might be a problem finding a suitable IR-transparent material that doesen't dissolve (correct me if i'm wrong). In short, i think that FTIR detection would be real overkill for this application, expensive, complicated and probably sensitive to other gases (more chemical bonds = more IR absorption, for example SOx absorptions probably overlap more or less).
This nut was a lot harder to crack than i had expected when i started to think about it...anyone know of a GC detector that is sensitive to CO2 and/or H2O, and isn't destroyed by oxygen?