I bought a can of Waterlox original recently and have using it to add yet another exhibit to the Guarino Museum of Test Scraps.
I was pretty casual about it. 2 coats wiped on (on successive nights) with a paper towel, no abrading in-between. I scuffed that up a tad with some scotch brite and added one more wiped-on coat. After a day or so I rubbed that down with a piece of a Trader Joe's bag (thanks, rec.woodworking) and voila! A pretty nice result.
So, if this were a real project, would I be done? Oh, I'd probably find something better than a paper towel to use, and I might be pickier about what I used to dull it down before the final coat, but the results of even this half-assed attempt are pretty pleasing. My "real" project is a pair of panel doors to go on the cabinets under a desk. It won't be a greasy, high-maintenance area like a kitchen.
I like what I've got so far. It was simple, which really appeals to me, and it doesn't look like I'm seeing "finish" rather than wood, which is usually the result of my Poly attempts. But how's the durability? Do I need (or might I like) to do something further? Wax, maybe?
As always, when considering your reply, it's safe to assume ignorance on my part. :)