The presence of water is only a representation of condensation taking place. Technically, it is not an indicator of the cooling capacity of your AC.
Condensation is the result of humid air passing over a relatively cool surface, which enables the suspended water to condense out of the air and "liquefy".
If the air passing over the AC's exchanger is "dry", there won't be any visible water. For example, I doubt AC units running full blast in Death Valley have ANY visible water around them...
If you have poor "volume" of air flow, I'd check to be sure the filter is clean. This is often overlooked early in the cooling season...
