There were two threads on this a while back, at the following addresses:

http://www.kayakforum.com/cgi-bin/Building/index.cgi/read/55936
http://www.kayakforum.com/cgi-bin/Building/index.cgi/read/55450

CPES is a flexible epoxy thinned about 50% with a blend of 18 organic solvents, sold by The Rot Doctor for killing rot in boats. The Rot Doctor is a guy named Jim, an old-time wooden boat guy who owns an old-time wooden tugboat. He got into the business of selling this stuff after he used a bunch of it and was really impressed. There are lots of other applications for it too, I actually got on to it while scouting materials for renovation of a 100-year-old log house. Turns out it works really well on paddles, and I plan to use it as a seal coat on every boat from here on out.

The viscosity of this product is really low, thinner than 3-in-1 oil, and it soaks into soft wood in seconds. The dope sheet calls for 3 applications in rapid succession, and it's really easy. I mix it by volume in a plastic lab wash bottle, swizzle it a couple times and squeeze it right out of the same bottle. A rag, chip brush or roller is handy to chase it around and prevent runs and drips. Most of the material penetrates into the pores of the wood, where it takes up permanent residence. There just isn't any way for epoxy-saturated wood to rot. It's thin enough that it will go anywhere water can go. It leaves a very thin film on the surface, which you can either live with or burnish with steel wool. IMHO, this is the perfect 0-maintenance waterproof finish for paddles, and as a rot-resistant pretreatment for the hull and deck strips too.

It doesn't add a great deal of weight, either. My storm paddle weighs 27 oz. I'm sold on this stuff.

Pete, The Epoxy Doc