What Steve said...
For me, pure Tung Oil just takes too long. It also seems that the dry time is unpredictable. By the time I get to the finishing stage of a project, I want to put the thing in service. I don't want to have to wait to see if my first coat of finish is going to be dry enough to recoat tonight when I get home from work, or if I'm going to have to wait another week. The exception to that is polymerized tung oil which seems to cure more predictably. ( http://www.sutherlandwelles.com/original.html
). It makes a nice finish, but once opened, the unused portion in the can seems to spoil quickly and it's on the pricey side. My favorite is Waterlox which is technically a varnish. My application recipe is to flood the surface and keep it wet until no more is absorbed, then wipe off the excess. Sometime, on really porous wood, I'll do that step twice. Then, I brush on thin coats until I like the gloss I see (more coats=more gloss). Some complain that Waterlox takes a long time to dry, but I haven't experienced that. It is very amber, so if you don't want your light wood to look yellow, it's not going to be a good choice. With any oil based finish, you HAVE to dispose of your rags properly because they really, really can spontaneously combust. As Steve said, lacquer is great and can produce a look that superbly accent the grain, particularly with certain dye treatments. Check this out - http://www.prsguitars.com/images/blo...ade(Final).jpg
But, lacquer is highly flammable, highly toxic and must be sprayed, increasing the toxicity and flammability, so you need a proper mask and adequate ventilation. I was really hoping to find a waterborne lacquer that I could learn to love and I have an ample collection, but many of the reasons Steve cited above, I haven't found it yet.