When I say spray, I just mean spray. That is with whatever equipment you can get your hands on. I have that little sprayer, and I also have $2,500 airless spray equipment, but I still use that little guy sometimes, because it works perfectly, and is much easier to set up and clean than my airless system.
While it can't handle every coating out there the way that professional spray equipment can, it's more than good enough to get perfectly smooth results out of a wide array of consumer and semi-professional finishes.
Keep in mind that I'm only talking about woodworking finishes , and consumer grade ones at that. If you where to go over to an automotive painting forum, and ask if you could use a sprayer like this to re-paint a car, you would get laughed right out of the thread. Those types of finishes require professional HVLP equipment , because the Coatings are extremely sensitive to even the slightest change of variables , such as coating feed rate, air pressure, and air flow rate.
That said, I would strongly advise purchasing the Lee Valley unit over the Amazon unit. The Lee Valley one comes with metal nozzles, instead of plastic. This makes a significant difference in the quality of the atomization of the spray. It also comes with nozzles of different diameters, which allows you to get the best result possible out of a mix of materials.
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Once more, however, I will digress and simply say that if it were my speaker, I'd slap some Tung oil on it and be done with it. Stupid-easy to apply, essentially impossible to fuck up, looks good too, and protects against basic stains and dirt. Not much in the way of physical abrasion protection, but then again, it's a speaker, not a dining table.
You also CAN absolutely brush/roll waterborne poly - I just rolled on some Saman gloss clear the other day and it came out beautifully, about 95% as good as a sprayed finish. It just is a bit trickier, and presents more opportunities to make mistakes. However, the fact that waterborne coatings dry so quickly is actually a boon here, as if you make a mistake, you need only wait a few hours, before you can sand it down and try again.