Water based....hum..I had trouble with u-coat-it., so much so, that I redid it the next year!! (there is money i'll never see again..not to mention my time..overall I'm very upset with the result.) but it was an older floor with all the imperfections, etc. The imperfections and color variations (multiple pours) showed thur the coating. My choice of a solid color was a bad one. I finally paid $20 more, got something insanely thicker, and it solved my old floor problems. (BudgetBob.com). I also got the help of a neighbr kid (BB's does need to go down faster, also...it went on too thick in one spot, and it dried THAT THICK, but it covered an imperfection in the floor).
I'm very happy with BB, but I spent more on prep the second time then I did on the floor coating. I paid the neighbor kid the second time and he was a great help (he's a back-yard machanic). Perhaps the flakes would have been better, a solid color is a bad plan with u-coat-it, for anything less then a new floor.....BB's was just EXCELLENT...
BB's site is a bit busy, and it appears a bit goofy, but their product is much better.
(I met Budget Bob last a year ago in a NY bar....ok...I spend more time in a bar then in my garage).
fyi: I'm a white collar professional, who works in the garage on occasion (for fun). I like my tools clean and the floor a clean solid color.... BB's solution was better for my floor.