Re: Fiberglass Resin vs. Epoxy Resis
OB
Some of what you say is accurate and some, well, not so accurate.
Nothing is really waterproof, it might be more or less water resistant than something else, but that's as far as it goe's. There are good and bad epoxies just like there are good and bad polyesters, the lower the price, well, you know, typically the lower the quality, this is true for both products. Everybody buying either product is always looking for the lowest price, not the best product, so even those looking for epoxy are not normally getting a good one when it's dirt cheap.
Epoxies are great products, but it can be difficult to take advantage of their superior properties when doing a backyard project. To get the most out of epoxy, the part needs to be well engineered and use fibers other than glass, or in combination with it, like the aerospace industry does. Epoxies are also much better glues, so bonding will be better than poly, poly is a very poor glue.
Some very (very very) high end boats use epoxy, but not many, the cost is normally not worth the benefits. Most high end boats still use polyester with a VE skin coat.
Polyester boats don't typically fall apart, if the boat has no wood, then it will last a very long time with little or no care. The problem is getting a well sealed floor or transom and keeping it that way when wood is used, The boats discussed on this site do not fail because water migrated through the polyester laminate, the wood rots because of poor designs or workmanship. Unsealed screw holes, thin or poorly rolled laminates and damage from hitting something will allow water to reach the wood and the rot begins, it makes no difference whether it's epoxy or poly.
Bondo (resin) is not designed or formulated to be used underwater, but even if it is used underwater, if it's there for only short periods of time it should hold up. If you did the repair and it's above the waterline and still failed, then you did something wrong.
If you're coating a wooden boat, then epoxy is the way to go, if you are repairing a polyester boat there is no real need to spend the money on epoxy, it just won't make that big of a difference.