I wet sanded it a bit and the stuff was just as water resistant as any other acrylics. It filled the grain in the $1.00 pine base ridiculously well. Two coats and a sanding session later, I had a nice, uber-smooth wood base ready for paint.
Anyone try using it as a Mr. Surfacer-ish filler on builds? I'd say it's probably about the same viscosity as hypothetical Mr. Surfacer 10.

Kenny