Rhode Island deck in disrepair--advice requested.

Rhode Island, near the ocean
Full Sun
Old, pressure treated wood
No mold or mildew issues
Main problem with previous stains: splintering, peeling (our kids shovel the deck in winter).

Our deck was old and in poor shape when we bought our house eight years ago. We're restained it a few times, but it always looks fairly worn and in bad shape.

We aren't up for replacing the decking, but I did want to do something a little more radical this year. I decided to try Restore X10 (I now Know the folly of this). I prepped the deck, following instructions found at This Old House's website, then modified it along the way.

In the end I:
Applied stripper
Tried to scrub off stain with a wire-brush broom. That failed.
Power washed most of the stain off
Sanded with a palm sander, removing almost all the remaining stain.
Washed the deck with deck cleaner

Then I had several chats with people about Restore. I decided against using it, but now I am trying to figure out what the best relatively low-cost, not-too-labor intensive approach I should now take.

Any advice? I am thinking I should slap a coat of oil primer, then two coats of a slate grey marine paint. It seems most of the restore-like products (such as SuperDeck and Deckover) are not going to give me the results I want. We have five kids and love to be outdoors--we need to make this deck a great place to hang out! Please advise.