I have replaced and finished all the mohogany (honduran) on my boat with cetol. I did so because I was advised to by a guy with the same boat and it looked good to me.
While most of it is covered by canvas, I can see how the parts that are exposed have lost luster and thickness in the year since. The covered parts are holding up nicely, but to me that defeats the purpose. If I had it to do over , I would varnish the way described above. I was planning on selling the boat before the cetol would fade, but plans change....
1968 Cal 2-30