I agree with the consensus but will toss out two other suggestions.
One is Tung oil. If you search the rec.woodworking archives at Google over the past year or so you will find a thread started by a fellow trying to remove _improperly_ applied tung oil from his new hardwood floors. The discussion convinced me that it is possible to finish a floor well with pure tung oil but did not convince me to try it. ;-) The major drawback is that one must apply it several times over several days and not walk on it in the interim. Difficult enough for me by myself but I also have two cats and a dog.
The other is shellac. I have tried shellac in some high traffic areas of a badly abuse red oak floor. I had been scraping, sanding, and bleaching out stained areas and then slapping shellac on it to cover at least as an easily removed temporary coating. In my case, it looked fine but didn't last long. But I was using premixed and might have had better results mixing my own. Since my personal experience was poor the only reason I present it for consideration is that it was used for a hardwood floor in at least one _This Old House_ episode.
My current plans for the floor are to give it a quick coat or two of 1-2 lb orange shellac for color and then cover that with water-based polyurethane. I like the results on my test samples.
I really wish the floor was white oak.