i second wellness. chicken soup brand pet food and innova evo are also very high quality brands of pet food.
i wouldn't say you're "paying for water" when you buy canned food, but it is less caloric (making it a great food for critters on diets) the dry food. my issue with kibble is it's processed so much, that it loses most of it's nutritional value and needed to be pumped full of added flavors, colors and vitamins just to make it food again.
i've heard that they'll eat less on higher quality foods. another plus with higher quality foods is that your cats will poop in smaller ammounts and it will stink less

and it's soo soo good for them!
cats have very concentrated urine, and don't drink enough water. feeding some wet food in addition to dry will help their increase their water intake.