Yeah, used it on a customer's boat. I think Cetol finally got it right.
I know, I know, there's nothing like real varnish. Real varnish rules the world. Everything else is a cheap, inferior, imitation. Only losers would use something other than varnish. Varnish, varnish, varnish. Well, this looks pretty friggin' good to me and it took about 15% of the time of varnish. Personally, I like to spend my free time sailing.
I tend to agree that varnish looks better - and is more work. However, the varnish snobs might change their minds once their boats get a little older. When the bedding under your teak starts to give up - but before it leaks down below and must be rebedded - the teak just won't hold the varnish. It starts to lift along the edges sometimes in just a few weeks. Cetol won't do that - unless you use the gloss over it. Then it will act much like varnish. This is particularly true of toe-rails where water lays there because for some inexplicable reason the deck scupper is not at the lowest part of the deck. It will also happen on the 'eyebrows' on the raised deckhouse of a sailboat. Again, for some inexplicable reason, the manufacturers make them so that water just lays there.
In either case, a small bead of caulk can help it last for awhile longer. After you finish your varnish, tape it out at the deck/teak seam leaving about 3/16" showing (more or less - just stay consistent) and run a bead of caulk (the sikaflex 295 (UV) works pretty well - pick your favorite - stay away from silicon). Form it with your finger (wet finger helps - gloves and sap help, too) and pull the tape as soon as you've got the caulk formed. Otherwise it will come up with the tape. Clean up any errant globules immediately. Easier now than later.