I have used this over the weekend in the sprayable version.
It does the job, very well.
But... if doing your panels and you want to avoid blow over onto your concret/wood posts, you will have to remove them from the posts and spray them elsewhere.
If attention is not used, you can easily end up with thin layers which will allow the original wood colour to show through (bleaching effect).
The nozzle on my sprayer kept blocking up, and the spray pattern was erratic. It is easily remedied by washing the tip in water regularily.
Downside is that you go through a lot of sprayable liquid, per panel. you get better coverage by paintbrush, but it takes longer.