JadeDragon - I knew a couple who lived/sailed on a Vagabond 47 and thoroughly loved it. Yes, there was a lot of work, but according to them it was worth it. I also knew a surveyor who had captained a Vagabond 47 and said "It wouldn't sail unless it was blowing 15, and you had to reef at 20". I always figured he was exagerrating. Another friend of mine, Bob Bitchin, sold his Formosa 56 "Lost Soul" this past summer. He is seriously considering a brand new Vagabond 47, as a yard in China has the molds and is building them.
Now, about all that sanding and varnishing... We own a '78 North Sea 33 pilothouse, built by Ta Chiao. Solid teak pilothouse, cap rail, window frames, etc. A lot of work. We are going to try something I have heard about for awhile, and have seen it done (on the "Lost Soul" in fact). Basically, it is an epoxy/varnish system that utilizes Mas Epoxy. Mas should be used as it does not have that aimeen blush that requires washing between coats. Anyway, quite simply, sand down to bare wood, apply two coats of Mas Epoxy, then apply the UV protectant of your choice (varnish). The owner of Mas, JB Currell, actually recommends automotive clear coat as the UV protectant. He says where I live in the Pacific NW it should last 10 years. Of course, there will be light sanding and scuff repair every once in awhile, but it should eliminate 90% of the subsequent work of "keeping on top of it". JB owns quite a few wood boats and he has been using this method for about 10 years.
There is a series of "how to" videos about this we made that are up on the Mas web site:
We are going to do it, so I'll keep y'all posted on how it goes...