Some people get all misty eyed when discussing nitro finishes and repeat what they have read on the web rather than only basing it on personal experience.
However I often use an acid catalysed cellulose which is really nice on necks and fingerboards, but it's not "proper" nitro in a purist's eyes.
You're right about the nostalgia trips on Nitro, it does and did have it's drawbacks, and my experience of it has been on old and well played guitars, so not so much where it starts but where a nitro finished guitar ends up after enough years. I like how it ages and wears away. and am sure the sound of the guitars has more to do with the interaction of the wood ageing, mellowing of the magnets etc etc than a finish. And not all old guitars (fender/gibson/anyone) sound good from the supposed golden ages.
Am sure poly guitar finishes when applied well will not "mute" the wood (there's still a lot of myth surrounding this), EVH swears by leaving the inside of the PU and control cavities on the current wolfgangs bare because it allows the wood to breathe (skeptical). But i can well believe less finish = more resonance.
I really like the idea of oil finished guitars like the charvels, I REALLY like unfinished necks, like REEAALLY. the axis and wolfgang necks are amazing, and any old strat where the finish has worn away from the neck.
The acid catalysed celluose sounds really interesting. Do the purists have an objection because it supposedly sounds deifferent? or because it isn't exactly what was used? To my mind, if it sounds the same, and ages the same then there's not an issue.