Pond Armor and other epoxies water proof at about 10 mils thickness, not including the amount that soaks into the pores of the wood or the cement board. Liquid Rubber waterproofs around 80 to 100 mils wet film thickness, for comparison sake.
As far as how easy it is to work with, one complaint that's been written by people who have used Pond Armor and other types of epoxy is that the Pond Armor is thicker and more of a pain to work with. But to be fair, it does come with thinning instructions if that's a problem.
Silicone bonds fine to epoxy.
Did you watch Joey's video series where he used Pond Armor/Shield?
You mention cost efficiency. If that's important you should compare the price of Pond Shield to Max ACR or the thin epoxy system from US Composites. I've heard that Pond Shield can be bought cheaper than the listed prices so you'll need to research that.
Max ACR costs $85 for a 1.5 gallon kit, so about $57 a gallon.
US composites sells a 1.5 gallon kit for $75, so about $50 a gallon.
Max ACR is in California, US Composites in Florida, so shipping could be a factor.
Of course there are other epoxy companies as well.
Hope this helps.