Chris,

About 15 years ago I put oak floors in my family room and kitchen. I
did four or five coats of a water-based satin poly with a light
sanding between coats. I didn't use any base sealer, just the poly.
The floors looked great and I really liked the lighter finish.

However, with a 75-pound dog and kids they didn't hold up very well.
The high traffic areas needed to be redone in about five or six years.
Being easily house-blind I waited until the dog was dead and the kids
gone. At year ten I sanded out the damaged areas and re-did the whole
thing with three or four coats of an oil-based gloss. The floors
looked great (somewhat distressed in the kitchen and next to the patio
door) and I really liked the darker finish. Five years later they look
like I just did them last week. I expect they may outlast me.

If you use a water-based poly just plan on touching them up every few
years. (Even says so on the can.) If I could time travel I would use
the oil-based from the start. I like wood floors, light or dark.

Good luck.

dss