In regards to the dinner table and chairs:
I am not a big fan of traditioal wood finishes, as I have spent weeks of my life in one room removing alligatoring varnish from old wood. Modern urethane-based finishs come in a variety of finishes that simulate the look of olf finshes, but will last a lot longer.
For best results, all of the old finish should come of.
The surface should be sealed with a universal sealer (where permitted) -- a dewaxed shellac that forms a bridge between the old material and the new poly.
If you are taking about a DAILY-use table and chairs, your best bet is a modern high solids (VOC, or Volatile organic content of 350 to 450 grams per liter) polyurethane. If you are in California, USA, the laws do not permit certain volatile chemicals, so be prepared to lose the use for at least 72 hours after the final coat.
Use a semi-gloss finish, since the daily handling and sitting will keep the surface buffed.
For more occasional uses, I guess the same applies, but you can use a lower VOC (350 gpl) poly.
I can confirm this is spot-on. That said, I *am* a fan of traditional finishes. But not for heavy use surfaces like floors or eating surfaces. I think chairs - depending on the design and material - look better without a film finish. But that's likely just my personal preference.
I fell into woodworking, restoration, repair, and reproduction via my job.
One last point I'll add, is that I don't care for the water-bourne urethanes. They appear very plasticky - not water clear, like a true oil-based urethane. My uncle used the quick drying water-bourne stuff on his new fir kitchen floors and I think they look awful. Too bad, because the flooring itself is gorgeous.
And that's the thing about a finish: You can ruin a perfect project by not executing a good finish.
Since we're talking about finishes (and refinishing), it's also important to remember that proper surface preparation is the foundation of a good finish. If you can't scrape the surface glass smooth, then you'll have to sand it. If you're using a power sander, make sure it's either random orbit or you're sanding with the grain - never across it. Sand up through the grits to 200ish. Then you'll need to raise the grain by washing the surface with a sealer (like RT mentioned above) or even a damp cloth. Let the surface dry, then come back in with 200ish grit again to knock the little hairs off that were just raised. You can't really ever go wrong by going to higher and higher grits at this point.
I like to use a belt sander or random orbit for the grits through 120, then I switch to hand sanding with a cork pad for the higher grits. I use stearated paper (it resists buildup). Again, always sand with the grain.
Random orbit sanders are for surface preparation only - if you have to remove material, they are the wrong tool for the job. That's the belt sander's job.
And now for a question for the Building Tradesman:
The building I live in was built in 192x. The wiring has me really scared. We had a short* in the box over the kitchen ceiling light, and the electrician who repaired it had to 'macaroni' some insulation onto the wire, since the existing insulation was crumbling away to nothing.
What's involved with redoing the wiring? Do the walls have to be opened up, or can new romex be snaked in behind the walls? The fragility of the insulation inside the walls is a source of anxiety for me.