I haven't parsed it personally but from what I've seen when I pay attention to others parses is that a max level water pet is more DPS by about 3-8 dps. I use Vindi as a baseline and my water pets would get 45-48 or so and my epics do 40-45.
It definitely warrants more testing, I havent had the time to do yet. I'd like to point out though that most of the time you wouldn't have a max level water pet, there isn't always time to chain summon to get one. This is where the epic pet will always outshine it, because it's always the same level.
To answer your question directly, it's definitely better when you get a max level summon. The epic pet is just generally more useful and easy to use since it's always the same level and Max hit.
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