Countertop is almost finished now. I posted a picture in abpw. Ended up
using Murdoch's hard sealer and Murdoch's Table Top (polymerized tung-oil)
by Sutherland Wells.

* If you are planning to buy a jointer, this would be a good project to
justify it. I could use one a lot. I was able to do this with a table saw
and planer.
* Make sure to use waterproof glue. I used Titebond III.
* You need more clamps then you have.
* Applying varnish with a brush without making bubbles is difficult. Rub
it instead.
* SWMBO turned out to be allergic to walnut dust. I got some irritation in
my eyes. I don't know how you can check before you select the wood type to
make sure that you are OK.
* Cherry is more brittle than walnut and can burn easily.
* Do not try to clamp and glue more then 4 or 5 strips at once. In this
case each strip was about 1.65" wide. If you have different width this
number would be different.
* I did not need to use any biscuits or splines. Just gluing the strips
together worked well.
* I used Murdoch's hard sealer and Murdoch's Table Top (polymerized
tung-oil) by Sutherland Wells. Expensive but repairable. We will see how
durable it is.