Even though some of the hard-core varnish junkies here will bash Cetol products, most will agree that Cetol over exterior teak is the way to go. Also, I'd guess that 75% of the 400 teak-trimmed boats at my marina choose the Cetol route. This is especially true for boat owners who value sailing more than hanging at the dock, spending nice days applying 12 coats of varnish to their brightwork, sanding between each coat, then recoating every 3 months after . . . more often in the tropics.
In addition to natural teak decks, my boat has a forest of exterior teak. Cap rails, toe rails, pilothouse doors, trim & eyebrows, aft deck seat boxes, pulpit and a very large sliding hatch over the pilothouse. With this much brightwork, I decided to completely strip all old varnish two seasons ago (contracted this out to Antiguans) and initially applied four-five coats of Cetol Light. After which, one maintenance coat is required every season. No sanding between coats is needed, only a light scuffing with a ScotchBrite pad before the annual coat. I am still debating over whether or not to top coat with clear Cetol gloss coats.
I really like the Cetol Light hue over the darker Cetol Marine. The finish is similar to varnish, although initially, somewhat more light orange in color and more opaque. I have found that the finish is softer than varnish, but abraded areas are very easy to touch-up with disposable chip brushes and blends in well. No regrets with this sailor.