I've put 5 coats of polyurethane on my "leather" floor and it looks great. I think I will do a few more coats for good measure. It only takes 5 mintues for me to put on a coat since the bathroom is so small. Here are a couple of better pictures.
Here are the steps I used to lay the floor.
1. First prepare the floor (remove old coverings, bleach if mold or odor, fill large holes with floor leveler and prime.)
2. Pre-tear brown builder's paper (in 12" to 18" squares), placing the factory edges in a separate bag. Crumple each piece before placing it in a bag.
3. Use an old ice cream bucket and mix 1 part elmer's glue and 3 parts water into it, stir well. For the bathroom, I used 3 school size bottles of glue.
4. Dip the paper in the glue mixture until it is completely saturated, squeeze into a ball to accentuate the crumpling. Carefully open up the paper and use two fingers to squeege off the excess glue.
5. Starting in the far corner of the room, lay pthe aper on the floor using a wallpaper roller to make sure it is completely adhered to the floor.
6. Overlap the torn edges of the paper and use the factory edges to go around the perimeter of the room. Work only as far as you can reach with your arm.
7. Then stop and use a sponge brush or old rag to rub wood stain into the paper while it is still wet. Rub gently as the paper is fragile when wet, but be sure to move the stain around where you want it. Work the floor in sections in this manner. If you need smaller pieces as you go, tear the paper before you dip it in the glue.
8. Let the floor dry for several hours or overnight. It may lighten as it dries and you can add more stain then. It won't spread as easy on dry paper and will go on a lot darker so use a light hand.
9. If your floor dries leaving air pockets under the paper you can use a craft knife to slit the paper, force glue into the bubble. The paper will be stiff at this point and resist adhering to the floor. I solved this by laying a piece of wax paper over the repair, covering with a heavy book and setting a full paint can (or other heavy object) on top. After drying overnight, the wax paper will peel off and leave the floor adhered.
9. When the floor is dry and looks the way you want it, paint a coat of floor grade polyurethane on it. Wait about 4 hours between coats and apply a total of 5-7 coats. After 4 hours it will be dry enough to stand on in order to put a subsequent coat on. The can suggests sanding between coats if you have to wait a long time between coats. I had to wait 24 hours but I didn't sand. My floor may not be as smooth as it could be, but I still love it. 7 days after the final coat you can move furniture on it and rugs. It is dry enough for light traffic after 24 hours. Once it is cured, you can wet mop the floor to clean it.