I put this through an airbrush for priming mini's and I'm always very satisfied with the result, can easily control the thickness of layers.
It's also great for hand brushing on with some projects but can flood some details on smaller miniatures if you hand-brush, and when I have tried thinning it with water i found that it would disrupt the primer and cause it to rub off easily, I don't think this would happen with an appropriate with medium but that's my experience with water at least.