Playground (PT Pine) Finish????

We inherited a playset from a neighbor. Its more than a few years old and is made out of PT Pine. I used waterseal on it last year, but other than that, it has no finish on it (after all, its just PT Pine).
Lately I noticed its splinttering a little, so its probably time to think about a sanding. I was wondering if anyone would/could recommend a finish for this thing.
We have a neighborhood playground that has some kind of finish that almost makes it feel like plastic to the touch. I don't think its Poly, but can't be sure.
So far I've been considering some kind of exterior Poly, but was also wondering if Epoxy would be an option.
Any help appreciated.
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is good for the out-of-doors. It's probably what's on the playground equipment. Very glossy, though, but holds up well to UV. Tom Someday, it'll all be over....
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Take a look at the Cetol/Sikkens products.

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