While coatings may potentially stop minor leaks, the roof should be properly repaired and dried prior to coating application. Coatings may be able to seal pinhole leaks, which are leaks not visible to the naked eye. If the roof is leaking, the roof leak will need to be identified and repaired prior to any recoating; do not expect the coating to find and seal the leaks.
However, coating asphalt shingles and built-up composition roofs requires more caution. The National Roofing Contractors Association’s (NRCA) director of technical services has stated "The roofing industry is aware of a number of issues that could have negative consequences for field application of coatings over asphalt shingle roof systems. Anyone considering this type of application should be aware of the concerns so they can weigh them against the benefits claimed in coating product promotional materials."[2]
Spray foam insulation, like other insulation, saves on energy costs and lowers utility bills. Studies by the US Department of Energy show that 40% of a home's energy is lost as the result of air infiltration through walls, windows and doorways. Buildings treated with spray foam insulation insulate as much as 50% better than traditional insulation products.

Note: The practice of foam insulating the attic has raised eyebrows in the building industry because "standard" roofing techniques call for the attic to be ventilated; however, in a vented attic situation it will become approximately 130 degrees in the summer. There's no reason for an air-conditioning and vent-ductwork to have to work in that type of severe conditions. By applying Icynene right on the underside of the roof deck, the severe temperatures no longer exist in the attic. In short, the attic is now a "conditioned" space of the house that is just as comfortable as any other room in the home. This is called a "Compact Roof", which means you can frame right up against it. The one drawback of using expanded foam on the inside of the roof is that this will cause the temperature of the shingles to rise, but how much is not yet known. And how much damage a rise in temperatures could cause is debatable.

Closed-cell (aka two-pound foam) is denser than open-cell at about 2 pounds per cubic foot. Its R-Value is between 6-6.5 per inch. As a result, this kind of foam is much more expensive than its counterpart. The reason closed-cell doesn't need a vapor retarder is because it already has one. It's permeance is 0.8 perm, which means it can handle cold climates without the use of an additional board or drywall. Closed-cell uses hydroflurocarbons (HFCs) as part of its makeup. However, this material has been known to have a high global warming effect. If you want a green insulation solution, this is not the material to use. A way to avoid this and still use closed-cell is by installing it alongside fiberglass batts.

I have never used foam insulation before and this was easy for me to use right out of the box. I had a 4'x8"x8" cavity in my basement that houses a waterline. When the previous homeowner installed this they put no insulation in at all and being that it's an exterior wall in the basement and I live in the Midwest that thing was pushing so much cold air in it was incredibly uncomfortable. Out of the box and job completed in about 5 minutes. Stopped all drafts and created a nice 2" barrier on the wall in which I will install some extra bat insulation over it. 4 stars because the spray isn't very good passed 6-8" from the surface. Make sure you can reach the surface you want to coat. Great for small jobs! https://www.youtube.com/v/ggLAUsiuI_o?version=3
One thing I wanted to mention was that I think your price point is a little high and that might deter people from considering spray foam. As a project manager for a spray foam company for years I can tell you that we offer 0.5 Lb. open-cell foam at around $.25/board foot. We even offer a 1.0 Lb. open-cell foam for less/the same cost as you quoted the 0.5 Lb. foam for above. The 1/0 Lb. open-cell foam has an R-value of almost 5.
We have a 1950's ranch in Atlanta and are interviewing foam contractors to spray open cell under the roof, with an "ankle wall" out towards the eaves to seal the attic. My wife and daughters are chemically sensitive, so I'm trying to figure out how to minimize the fumes coming into the house. Additionally, at least one contractor has offered (for > $900) to remove our existing rock wool & R-13 fibreglass from the attic floor to "increase cross-ventilation into the attic". Seems to me I can't both minimize fumes AND increase cross-ventilation. They also offered to spray a fire-retardant on for >$600. Would ventilation during installation help any or woud the retardant seal off the foam and help that way? Thanks...

How Much For Spray Foam Insulation

When choosing a waterproofing and sealing product, we must see to it that we can easily use and apply it using simple tools, including a squeegee or a paint roller. With ease of application, we can be certain that we can achieve hassle-free application and smoother and more attractive finish than other products could give. So when reviewing the products we have featured above, we have made sure that they are easy to apply.

Roof Coating