I''ve used Bristol Finish for about 3 years on my Pearson 27 with mixed results. It looks great and holds up real well -- on flat surfaces. It does not like to stick to sharp edges, such as my toe rail. The advice from the company was to round off the edges, which I did, but obviously not enough. Have the same problem even with applying more coats than they recommend. At $50 a quart it''s too expensive not to work on edges.
I have since bought a Pearson 33 and will use something else on the exterior teak -- either Honey Teak or Epifanes based on Practical Sailor test results.
Cetol sticks like glue to anything, but the yearly maintenance coats of it eventually darken so much you might as well have knotty pine for the exterior wood.