I'm a Cetol Marine guy, have been for many years. My teak decks are gone, so I'm dealing with caprails and eyebrows and handrails outside the cockpit. Today I gave my caprail a quick light sanding to smooth the old Cetol and clean a couple of bare spots, maybe 15 minutes worth per side, and wiped on my first coating of Cetol, which took maybe another 15 minutes per side. Tomorrow I'll get outside early and wipe on another coat, tomorrow evening a third coat, and the next day a coat or two of clear. This will last 5 or 6 months in the Mexican sun. I've never had cetol build up on me, it seems to almost sublimate or something. It is so quick and easy and really does protect my teak and looks nice. It isn't orange or whatever somebody said.
Varnish looks better but it is so much work. I leave the cockpit teak bare, but it isn't really in the sun so much thanks to the dodger and a big bimini.