What you are speaking of is called a "raised bed"
Use redwood or cedar � both are beautiful and rot-resistant.

Here is a link,and there is plenty more info on the web.

Here is a link that might be useful: how to build a raised bed

Thank you - however, I am looking for a cost effective solution - appearance isnt going to be that big of an issue - it's really not visible. Was just looking to get feedback on the product.

Here is a link that might be useful: Liquid Rubber

You can always use a sealer, most likely cheaper than the product mentioned in OP.

Just read about this tip yesterday:

SEALING YOUR PLANTERS
April 2, 2011
Sealing Your Containers

You can extend the life of your wooden planters and it doesn't take much to do it. We found that if you use a pruning sealer it will do a great job of preserving your planters and containers. Pruning Sealer is normally used to seal the cuts and wounds on trees after they have been cut or damaged in any way. This prevents pest and diseases from entering the tree and damaging it. The same principle holds true for planters. If you just spray a coating on the inside of your planter or container it will prevent disease and decay from shortening the life of your planter. Check for Pruning Sealer at your local independent garden center or nursery. The product we found was from Bonide.

Here is a link that might be useful: seal wooden containers

Just an FYI, tree wound dressing is no long recommended. They found it's better to just let the tree seal ups it's own wounds.

It was originally meant for roofing, I believe it's made from bitumen (asphalt) and acrylic. Not so comfortable with using asphalt that close to my veggies, though I suppose it's stable once cured. Don't really think it's worth the extra cost as compared to standard, more widely available transparent sealers, especially since the opaque tar-black color destroys any aesthetic value from the wooden planters.

I could be totally off, but the OP's post seems like advertising to me.