Wooden Deck Coatings ?

Hello,
Have an older wooden Deck, the surface of which is pretty splintered and not too smooth anymore. But the wood itself, seems good; just a miserable surface now.
I've seen several ads now for Deck refinishing coatings. There's on by Behr (Home Depot), and I think Rust Oleum has one also. Probably others too.
Anybody have any experiences with any of these ? Which are "good," and which to avoid ?
Any negatives to their usage ? Good approach ? Or, just forget and replace the wood Deck floor ?
Are these coatings used on the railings of the Deck also ?
Any thoughts, caveats, pros and cons, etc. on using any of them would be most appreciated.
Thanks, Bob
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