See my response to your other post about the magazine rack.

Watco is an oil-varnish blend. It has a soft, in-the-wood, feel. There should be little to no film build up on the surface. If you plan on putting sweaty socks or beverages without coasters on your coffee table, it will not be super protective. That means less protective than a film finish like varnish. On the positive side, when Watco starts to look dull (and it will in a few years), it's easy enough to pull out the can and add another coat. You can wet-sand it in with either wet-or-dry sandpaper or Scotch-Brite pads.

So, it's really a choice of the "look and feel" you want.

In case these two thread diverge, I've attached the link to this one, too.

(I do this as a living and a hobby

Here is a link that might be useful: Facts about oil finishes

Watco is a good choice if you're looking for a "natural" look but as mentioned previously, it offers little protection.