Rich,
I'm not trying to pick a fight.
You can spray a very thin coat, but it offers very little protection, nor depth. People use penetrating finishes for that very reason.
There are many, many brands & types of wipe on poly. They all have different properties and purposes.
If you have only seen high gloss buffed guitars, then stop by a guitar shop. Don't just look at the bodies of electrics. Acoustics and necks are better examples.
My very good friend ran the Guild Custom shop in Westerly, RI for 8 years. He introduced us to a line of wipe on poly that they were using everyday for different parts of the guitars. It is not hard enough for buffing, because its not buffed.
If you've got a dusty shop its a good choice as well. One of my other friends was an old school craftsman. He made a living hand applying Watco type finishes for most of his career. Multiple coats hand buffed. It builds to a soft deep finish that is easily repaired. His backyard shop was too small and dusty to spray. He switched to a wipe on poly after 20 years, because the fumes were lower and its more durable. I hope someday I will achieve the same level of woodworking.
Personally, I do not pigeonhole myself to one product line or product. If someone suggests a product I will try it. When we made the plunge into WB 15 yrs ago, I bought over 10 gallons of different products from different companies. After spraying all of them on different test panels & smaller projects, we settled on a few and stuck with them for years.
Do yourself a favor and continue to try new methods and products. At the very least it will reassure yourself that your current offerings are the best in your experience.