Steven:
My opinion…it's not crap. It is what it is…a two-in-one product made for the home consumer who refinishes an old table on a weekend, who generally lacks the patience for a good professional-like finish.
I think the notion that it's crap comes from guys like us who have finishing experience doing things the "right" way…and then we use this product and it doesn't react the way we'd like when we follow the instructions on the can (brush it on). The problem is compounded when we go with more pigment in the mix (darker colors) because it becomes harder to get an even result. But, IMHO, this is less an indictment of that product and more an issue with pigment stains in general. The vast majority of finishing problems come coloring wood with stains and I think it's sometimes hard for us to differentiate between that and using something like Polyshades.
The product is pretty simple in composition…polyurethane with a pigment-stain colorant. That, by any definition, is a "toner," and like most toners, if this product is sprayed it works quite well. Brush it on, per the instructions, and it's harder to work…but I've always found that to be true of poly anyway. Others must agree, which is why the thinned-down, wipe-on versions sell so well.
Find a table at an oak nightstand at a flea-market on Friday, and then sand it down and prep it on Saturday morning, after which you put a thin coat of classic golden oak Polyshades on it. Saturday night, you rub it down with some 0000 steel wool and put another thin coat on it. On Sunday morning, you put the nightstand by your bed and set your alarm for the next day. That's what this product is used for.