The answer to your poll should be all of the above at one time or another. It depends on where the failure is ocurring.
If your wood is splitting, your sealer is not working.
If you paint is peeling off down to the wood, your primer/base coat is not compatible with your sealer, you didn;t sand your sealer before priming, your sealer was allowed to dry long enough or maybe you didn't wipe away the sanding dust before you primed.
If your paint is bubbling, cracking or fisheyeing, you have paint compatibility issues or a foreign substance contaminating the surface (oil from your hands, silicone, wax...) Same goes for your clear coat.
If your clear is flaking off down to the paint, you have poor intercoat adhesion there, light sanding or a "scratch coat" is needed. If your epoxy is cracking after your lure is fished, your wood is swelling and a better sealer in required. This is one crazy game we all play!
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