I use Waterlox and agree with with what Dave and Dennis have said.
What nobody has said is that a "matte" finish with any sort of surface build just isn't possible with a hand-applied, urethane-modified oil finish. The closest I've seen to an accepetable matte finish is some factory guns which I suspect is a spray coated lacquer. Not being a pro or in the "trade" I don't know, but I suspect that Wenig and some others use spray lacquers. I don't know how else they can turn out a complete checkered stock with a hard durable finish in the short time they do.
That said, the downside to lacquer is the difficulty of retouching it and perhaps the lifting and other blemishes that sometimes result because it doesn't penetrate as deeply.
The next lowest sheen I've seen is with very minimal top coating and that's also unacceptable to me. That might be OK for closet queens but I need the practicality of a finish that can withstand rubbing against briars and wet oil cloth every fall and/or contact with my bearded cheeks 10,000 times a year.
After experimenting for 30 years with about every finish I've heard of, I've come to prefer urethane-modified tung oils and had to learn to like/tolerate a slightly higher sheen than I might prefer for pure aesthetics.
I rub out with 3F, then 4F pumice. I forgo 5F (rottenstone) because it will build a mirror shine too quickly. On medium-light English walnut I can get a lower sheen and no visible distracting scratches with just a 4F/linseed oil rub. Of course, a higher shine is always an option. On darker black walnut I can't tolerate the cloudiness and fine scratches Dave alludes to. The gloss level is about right with 4F, but it's just not attractive. WIth 5F I can attain a glass-like, blemish free finish, but way too shiny for my tastes. On black walnut I follow up the 4F (and occasionally retouch) with 2-3 coats of 50/50 linseed oil and mineral spirits. One drop of BLO stretches to the moon...one drop of 50/50 stretches there and back.
To my eye, on fancy black walnut nothing matches the non-dimensional depth, crystal clarity and just-right sheen of simply wetting it with water. It's the look I've always strived for and haven't matched yet.
