If it peeled off, you most likely didn't prep the wood correctly or you applied too much.

Follow the directions and you'll get better results, no matter what the product.

I use TWP (Total Wood Protection). It isn't cheap at about $25 per gallon, but you get what you pay for.

Check Consumer Reports. They have done several multi-year durability/aging tests on paints, stains, "waterproofers" ETC for use on outdoor wood over the years. Power Boat Reports also tests teak preservatives for the boating enviroment.
Sikkens is usually near the top of the performance pile, but you would do best to look up some unbiased tests.

Make sure your wood has not been exposed to any water or humidity for at least 72 hours before staining or painting.

Request for Info:
I have installed an ACQ-D pressure treated deck completed May first, 2006. The wood is Southern Yellow Pine from Lampe & Malphrus and the pressure treatment / Preserver was Culpeper Wood Preservers. The area is Philadelphia, PA.
My questions are: 1. Length of time I should wait before applying wood preservative and stain to this new deck? 2. Can you please recommend the best product and or manufacturer of wood preservative and or stain? I like the natural wood look with a rose tint. 3. What Preservative ingredients are most desired for wood with this ACQ treatment.

I guess I could sign up as an owner of a cedar deck with Behr sealer stain. I applied a coat in November, '05, and another in February, and need to do it again, now. Is this normal wear? i'm using the same product because I bought two gallons. It was the same product the previous owner was using. There doesn't seem to be much wear resistance to it.
Norm

Try posting and searching in the Deck and Porch forum.

Here is a link that might be useful: Porches and Decks

Whatever you decide STAY AWAY FROM BEHR WEATHERPROOFER. The stuff is junk. Home Dumpo and Behr claim a 4-year warranty, but mine did not make it a year after following all of their instructions to the letter. Both refused to make any sort of adjustment. The product faded by the end of the summer and lost it's repelency within the year. Now, I'm stuck redoing the entire process. Fool me once.....

As already stated, check out the Deck and Porch forum. There are a lot of professionals that frequest that forum.

Prep and a quality product are key. Stay away from the brands carried by the "big box" stores.

Ken, John and others have some great information on that forum.