I make saltwater lures and have used the etex spray. It is nice and thin, ok for hardness, but won't stand up (nothing really will) to bluefish, rocks, saltwater etc. I haven't had it peel off but you can dent it with your finger. One thing to note is that it is the most horrid smelling stuff I have ever smelled. You also have to spray it on a clear 70 degree day with low humidity. Otherwise it will be cloudy. I know a lot of the guys on here make freshwater stuff. It may hold up ok for quite a while on those, but if you get into rocks etc, it may not. I just picked up a can of U-POL clear. It also smells real bad. It is a little harder, but still not as good as epoxy or one of the auto urethanes (those are real bad for you, I've never even tried those).
The spray on clears sure are easy to use though.