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A horizontal surface that's out in the full sun and rain will degrade in mere months, and look really bad within a year. Even the super-expensive top-of-the-line 2-pack marine varnish only gives you a few good-looking years.
I'm quite happy to re-oil it every few months, or rather, get my wife to re-oil it. When she picks the kids up on a Friday she can give it a quick once over. It might not look perfect, but I'm not after perfection, just durability with a reasonable appearance. The photo up there somewhere^^^^ probably makes it look like it has a bit of a better finish than it actually does. Other than the oil, the only work the unfinished planks had done to them was running over my Carbatec 10" planer. I'm just thankful I got the model with the tungsten carbide spiral head cutter rather than standard blades. That bench dulled one of the four sides of the cutters. I'd have probably had to sharpen normal blades a dozen or more times.