Hi. I worked in a paint store for a couple summers, we sold all sorts of products including stains and sealers...
First thing - will the table be outdoors at all? I assume it will only be in your living room. If this is the case, I would recommend NOT using Thompson's water seal at all. It has additives to prevent fugus growth that occurs outdoors, and this is definitely not what you want indoors. The fumes are noxious.
Cyberian is on the money with a polyurethane sealer. Minwax makes excellent sealers; they can be a little on the pricey side, but worth it. Make sure you get a sealer with a glossy finish; it will make cleaning the table and rubbing off water and coffee stains exponentially easier.
Edit: whew, tons of action since I started to post. Spar Urethane is good, but it's mostly for outdoors. Not really necessary when indoors and the temperature and environment are fairly constant. It'll cost a whole lot too... last i remembered that stuff was pushing $50 a gallon. If you're using the poly then make sure you get a brush for latex paints, not oil (don't use a natural hair brush!). Sanding after one coat or not is a question that's best left up to you after you've applied your first coat - usually not necessary, but you can if you feel it needs to have more sheen or needs more protection.