Brian, I haven't used water-based poly on speakers yet, but I've seen pics and read in woodworking magazines that one good aspect of it is that it is clear, versus the standard solvent-based poly that has a brownish-yellow tint. So, if you're applying it to a light-colored veneer, it won't alter the final color. As far as durability goes, my bud finished a kitchen table with it 5 years ago, and it's held up great to lots of wear and kid abuse. Next time I need poly I'm going to try the water-based stuff.