M7, yes, that's the Penofin we use. That was the recommendation from the specialty wood supplier where all our cedar siding and interior and exterior cedar posts came from. Unfortunately, they are now out of business, but this spring found that our local Sutherland's store has it for around $37 per gallon. I haven't checked with them for a price on the 5 gallon cans, but expect it might even be less expensive.
I haven't seen any evidence of peeling. The label states not to use more than one coat per application, which seems to be the norm with most of these products.
Before taking my word for it, you might want to check with what Consumer Reports showed. I don't recall the top rated stains off the top of my head. Unfortunately, Penofin was not part of the testing, but I've been pleased with our results.
By the way, if you do decide on Penofin, do stay away from the new synthetic versions which were supposedly made for the California market. One paint store owner told me that they had very poor experiences with that product.
As always, good luck.