Our old broken down chain link fence had to go. When replacing it, we decided to go with wooden slat-on-slat privacy.
We used Thompson water seal, cedar color, applied with a 2 gallon yard sprayer. It took several gallons, but has resulted in an awe inspiring color that the neighborhood has noticed. Honestly, I panicked when the first coat went on...it was pink! Luckily, it dried to a beautiful cedar color, and I'm sure it's helping the fence last longer.