I used some stuff from Wally world. It seems to be OK. Not sure it it is"water" based or not. I don't have any handy at the moment, but I used it for a coating on my frame and cab as I cleaded it up, then painted them. It's only been about 2 years, and thruck hasn't seem much road use, so I don't know whether it is all it says it is. Nothing has come back or spread in the areas I used it though. I did not get it as a miracle metal saver, just something to hopefully slow/deter the rust process. If it looked bad, I replaced the metal, then coated it with good paint. I like using the Eastwood Rust Encapsulator, while others like POR.
Where I used it mostly was to protect things till I got it cleaned and painted well. Before I had a shop, Things would corrode instantly here in Mississippi, so it gave me a little help preventing things from aging between working session on my truck.
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