This has one coat on and will end today with two. It has been suggested...yes with teeth....that I apply about 6 coats.
I haven't used water based poly or Minwax full stop, but with my home-brew wipe-on poly, I do a minimum of 12 coats on necks.
I switched to spraying my poly (thinned) with an airbrush or touch-up gun last year and I still apply 12+.

I suppose it depends on what kind of feel you're going for.