and water will bead up. Craig, the only thing I can think of is that: the first application of CWF really soaks in. You need to build up a good thick coating where its actually sealing the wood. Applications hence forth do not require that much coatings.
Now, also, if your deck is new and the wood is green (full of sap or chemicals) then you did waste your money and time.
The wood must leach out all the sap and mositure so new moisture, CWF can get in.
Also, you did apply this with a brush right?
Go out and put another coat on and maybe one more. Then when the pores and stuff is sealed and filled up the water will definately bead.
I do my deck every Spring and even now in Texas with heat and sun, water will still bead just like on a polished hood.