I personally think if you're going to do DIY, and apply hundreds of dollars or more of sealants and other products to it, you should not waste your time with something so disposable as plywood. I fully expect to get flamed for this...but it doesn't take much to destroy plywood, rending your expensive coatings wasted. If it bends, your coating is likely to crack.. if it gets wet, its likely to swell and/or delaminate and it'll leak..
There are plenty of success stories.. but a lot more failures. I would stick with something more permanent.. concrete or concrete block or solid woods.. things like that. Unless you're talking small scale, in which case its not even worth doing t in the first place.
You are right to a degree. I think most people that build plywood tanks and fail don't take into account the minute movements wood can make such as swelling and shrinking with temps, humidity. Or the flexing you will have when you are working in the tank leaning on it or simply from the decor putting pressure on it. If you build it and take into account those issues before they arise plywood tanks are ridiculously strong. If you just take the time to build a frame for the plywood then coat the inside AND out ( i used Dryloc on the outside of the tank) as well as fiberglass the weak points (seams) you will have a tank, literally. I can walk on mine, climb in and out of it without any kind of fear because it is so well braced. I am confident that that tank will still be standing many many years from now. Moral of the story, don't cut corners or cost, do it right and do it well and you will have a tank you can be proud of that lasts for many worry free years.