Just applied the fifth coat this morning. I was a bit disappointed after coat #4 because the foam brush had missed a few spots (probably too much pressure or uneven pressure. The stuff is so clear that I didn't catch this, and so I had a couple of valleys that didn't fill in as the product flowed out. No big deal, but since I'm nearing the end, I want these last coats to go perfectly.
I went back to the Waterlox site and was reading the application instructions. Turns out I had missed a very important step, and I'd imagine many others have as well, so I'm posting it here.
As you apply a coat, the first strokes are supposed to be across the grain, not with it. Then, without redipping the brush, you go with the grain. This is brilliant because it takes care of any missed spots and levels out the coat perfectly. Doing any woodworking "across the grain" is completely counter-intuitive to a woodworker, but for this it works.
Fifth coat is sweet. At this point I plan to apply a few coats wiped on.