Before putting the surface seal coating on, I highly recommend using some sort of flexible crack filler. The thin surface coating will still leave the cracks open, which allows water to get in, erode, expand with freezing/thawing, etc. In this way, it's like concrete: Do the proper base prep to make sure what you do on top isn't a wasted effort.
I did this stuff at my last place when I had asphalt, but now my driveway maintenance involves a box scraper and adding gravel every 5-10 years.
Would be interesting to learn more about the chip sealing that 58Yeoman did. As with public streets, it would seem to be an economical way to resurface and extend driveway life.