David Nebenzahl wrote:

Just did a job with some water-based Varathane, not because I wanted to
use it, but because my client demanded it. As soon as I saw what the can
of stuff was, I said "I hate it", but I went ahead and used it.

Now I remember why I hate the stuff. It's milky-white; that's an
unnatural color, in my book, for something that's supposed to form a
clear film. It's awful to work with: dries too fast, difficult to brush
on smoothly, so thin it drips off your brush, just makes a mess.

So my question is, is anyone out there doing quality work with this
stuff? I guess I'm old-school in this regard; give me good old oil-based
(or solvent-based) varnish any day. Just refinished a desk of mine with
oil varnish and it looks bee-yoo-tiful. Finish lays down flat as a
midwestern road.

I think you have to spray it with an HVLP spray gun to have much chance
of a good finish. It should dry clear just fine. I'm sure the
manufacturers site has some application recommendations and tips.