It depends on what you're expecting from it.
The stuff is not going to cure a failing deck.
Peeling is common in any finish applied to wood with too much moisture content. In the case of wood outdoors with a failed finish, or that was recently pressure washed, the moisture inside will likely cause you problems.
No finish can be applied to wood that has been treated with Thompsons. The waxes in that product will prevent adhesion.
Getting past those issues, I guess it could work, but only if you already have a dry deck in good condition (though new pressure treated wood is also probably too wet to apply a finish too). I don't see how it's going to be all that helpful in most restoration situations.
For me, I bought a 2 gallon kit when it came out, and had it tinted stone grey. It worked great to cover the wood backing of a climbing wall on my kid's playground and some treads on the wooden ladder in the playground. Three years later, and it still looks excellent!
I could also see it being useful as a shoe gripping surface treatment on ramps and gangways, and perhaps docks. Maybe also on trailer floors, where you might want the grip of bedliner without the expense (and can sacrifice the durability).
But the way it was marketed as a product to "restore" old decks just does not make sense to me.