Gunnie, when you had the trouble with the etex over Createx, how long did you wait after painting to apply the etex? I'm thinking that perhaps the paint did not cure fully, but I'm not sure really, just trying to figure out the possible variables. I've not had such problems with etex over Createx.
I do think that the automotive clear is a good idea as an intermediary between the two. The automotive clear is usually a great sealer, but even with that step included, I like to allow any paint, water-based or enamels to dry at least overnight before top-coating with anything.
As to the main question, I prefer etex and I was a diehard Devcon guy for a long time. The etex does preclude a lot of the problems with chipping and yellowing.
The downside of etex was mentioned also...it does not provide the same thickness per coat. There is a way to improve the application of etex...mix it, set it aside for about 10 to 14 minutes or so and allow it to thicken a bit. (see my tutorial on "trying to achieve a flawless finish" in the tutorial section of this website)
Three things are accomplished by allowing the etex to set up a bit before applying it:
It get a bit thicker and goes on thicker as a result.
The waiting period allows a lot of the bubbles created by mixing to rise to the top...after they rise to the top, just pass your heat gun or blow dryer over them and they're gone for good.
It loses it electrostatic charge, which it seems to have right after you mix it. That electrostatic charge draws dust from the air like a magnet and will make you crazy and old before your time.
Of course, a thicker mixture has a lower propensity to "fisheye" on the bait too.
The downside of waiting? Well, it is going to shorten your work time window a bit, but the etex is pretty forgiving in that department unlike Devcon. When Devcon gets too thick to apply, you'd better quit, or you're going to be sorry. It hardens on the bait and you will have a fight on your hand to sand it down the next day so you can apply another coat to cover the wavy mess it creates.
Etex, on the other hand, will allow you to push the envelope a bit after it begins to get so thick that it wants to go on too thick. Put it on anyway, hit it with the heat gun and just brush it out a bit. You have to heat it just enough to soften it a bit and get all the bubbles out of it, but you will be pleased with the nice, rich, thick coat, which will strongly resemble a nice coat of Devcon.
Can you push it too far? Too thick to a point where it simply won't flatten out even with heat? Yep, but you have to work at it and you'll easily see figure this new "window" of working time out for yourself.
The upside? No yellowing, no brittle finish. Less of a problem with hook rash overall. The bait will thank you, the fish will thank you, the women will swoon and fall upon you like ravenous vixens bent on having their way with you and...well, you get the idea. You'll be happy, live long, die rich, with your freezer so full of fine, fresh, fish fillets that all your heirs, your neighbors and even your neighbor's children will speak in flowery, respectful tones at your wake and your name will be etched in granite pillars near all the launch ramps.
See? Etex wins.