I'd rather be riding my bike, though lately I've spent more time sucking solder fumes for fun and bankruptcy! (Hobby stuff, not work, though of course building guitars is a better use of my time too, but I can only work so many 20 hour days in a row, you know?)
It doesn't "melt" into previous coats. Thats one of the biggest headaches when using it because any subsequent witness lines are worse than on any other finish I've seen. It's widely known for this.
If you are serious about waterborne, get Dan's book. Even as an experienced finish guy, I learned some interesting stuff from his book, and while I've never had cause to bother with Waterborne Lacquer, I still found his sections on using it interesting and educational. If they are as good as the sections on Nitro, it is sure to be useful.
this is a link to an interesting forum discussion about guitar finishes
as for some not liking the discussions in these threads, personally i like them and i learn alot from any thread that pete and muttley argue in, and its more fun and i get a good laugh too