There are several waterproofing systems.  The best one will depend on what you are trying to waterproof:

Water Based Polyurethane- excellent all around.  Superior performance and versitility.  Should always be considered for bathrooms, decks, roofs.  Can be tiled or left as is. 

Bitumen -  good for ponds, retaining walls, roofs, planter boxes, water tanks etc

Acrylic -  Very good for bathrooms and other wet areas that will be tiled.  Some also suitable for roofs.

Cementitious systems - Use these when waterproofing pools,  water features, ponds and concrete water tanks.  Can consider for basements and planter boxes.  Options available for raising damp and similar applications.

Remember that internal wet areas must only be waterproofed with membranes that pass all the requirements of AS4858.