I use BM's ArborCoat for every deck or exterior stain.
I like the ArborCoat because it's offered in both a latex base and an oil base. The oil base I use when I have a call to clear coat porch swings, Adirondack chairs, etc, but for everything else I use the water based. Easy clean up, doesn't slick down the customer's grass like oil based, and anything that accidentally gets paint on it I can quickly shoot with a water hose.
I think the best part about the latex based is twofold: 1) I can easily spray it with my 310FFLP tip, so the job goes smoothly at low pressure with little containment, and 2) I can get the job done really fast because it dries very fast. Recoat time is 1 hour I think, especially when spraying, andeven moreso because you're typically in hot direct sunlight when you're staining a deck.
I typically spray two coats on everything (railings, balusters), then one coat on the decking (mostly to quicklu get in the cracks of the decking boards), then once the decking is dry I roll another good coat on it and roll a nice coat on the railings (high abuse areas most prone to UV damage and damage from normal wear and tear.
I've done the transparent (needed a decent amount of backbrushing), and I've even done semi-solid black on a deck and about 300lf of fencing. The sprayer made for great results with the black... I think that if I would have brushed or rolled black on that much fencing and decking on the sunny 95° days I did the work, the result would have looked less than acceptable. The black needed a super fast application for nice results.
Anyway, my experience with that product has been good. If theres a BM dealer near you I'd suggest giving it a go. BM really has great products that are just shake, pop the lid, and apply. That's nice especially when dealing with deck stain. Those projects can get really nasty really quick.