When I built my shop, I paid extra for a fancy coating to be put down that was supposed to make it VERY resistant to oil spills and the like. "It's a bit pricey" they said, but it sounded like a very good idea - the slab guys put it on. Turned out it freaking DISSOLVES under gasoline, so that was no good.
I debated about a DIY epoxy coating for my shop floor, but I questioned the durability of it. I understand it can be somewhat of a gamble applying to old, stained, concrete. It's still a "coating," which means it may not last forever, and will likely burn with welding slag and such, or scrape off dragging a 454 on a pallet. If the coating fails, what do you do? Grind it all off?
I have a friend who does concrete floors for a living. He met with me to talk about polished concrete, and he brought a colleague who does Polyaspartic coatings. This coating guy's business card had a picture of a sweet set fo Snap-On cabinets, sweet flooring, and a Maserati. Clearly outside my tax bracket. He said the Polyaspartic is the next step up from Epoxy, and the be-all-end-all of coatings, except it, too, will likely burn from welding slag and such. The Polyaspartic was going to cost me $11/sqft(CDN), which would have been over $12,000 in coating. Clearly outside my tax bracket.
I decided to go with the ground and polished concrete. First step was grinding with diamond, then densifier/hardener (which totally worked - drilling holes for the lift and the mill you could feel that the first couple inches were harder), then sand to (in my case) 400grit, then polish. It can still stain (especially if a spill stays there a while, but it won't burn or scratch or come off. The aggregate is visible, and adds a cool look to the concrete. I really, really, REALLY like the floor. It ended up costing $3/sqft(CDN), still more expensive than Epoxy, but it won't fail.
Pics and write-up here: http://www.gwellwood.com/tools/the-workshop-3/#polished-floor