Oh for the love of God, it finally hit here.....CPES....Now let the whole debate hit.
Rick, if you have lots of money, want to pour it down a drain and smell horrible chemicals and need for real respirators, use that stuff. Arguements made for it
1. Thinned down epoxy so it should flow into the wood fibers through capilary action better, thus sealing the wood better. Ask Mr. Smith the proprietor of it, he will sell you as much as you want.
Cons:
1. Just thinned epoxy with lots of solvents. Once the solvents evaporate, what is left in the matrix of the epoxy? small microscopic channels that actually hold water.
2. cost
3. West system and others have denounced it/thinning their epoxies for this vary reason. (see number 1) along with the fact that you loose any strength because the matrix is now more brittle, thus if there are any movements of the wood (say paddling in a river or heck, seasonal wood movements) they will break as well.
4. cost
5. Use regular epoxy on wood, Let it cure, cut it, see how far it penetrated. Now try thinning some, heck, 10%, then 20% even up to 50%, you will be shocked at how little it "penetrated"
6. Cost
7. Smells (secondary to the high solvent load)
Some will purpose it is a good sealant or primer to use prior to paint. There is some validity to that secondary to the matrix issue mentioned above.
Want some other fun, check out WoodenBoat Forum and search CPES and see some truly epic battles that make some of the spats on here look tame.
Matt, no attack on you, just on the product.
Rick, if it is an old boat that you are trying to get a few more years, go for it. Pull it out of the water and let it dry between use, understanding it may eventually rot. If you do nothing, it will rot. ( I suppose you could put it into dry storage for years, but then why bother)
good luck either way.