Uh I don't think the take-home message should be not to use a Danish oil on pine. Plenty of people do and are perfectly happy with how it looks over time too.
But better finish can encompass more than looks. What the piece will be used for is everything as far as a good finish is concerned, e.g. what's perfectly acceptable for a decorative turned item wouldn't be as suitable on a coffee table.
So if you wanted a finish that would give you better waterproofing than DO then straight varnish for sure, and it can be put on in exactly the same way as Danish oil if you like (many now think this is the way to apply varnish).
You could still use shellac followed by wax. They may be old, but they're not obsolete.
Other end of the spectrum, modern water-bourne finishes. These are great if you want to keep pine, and other paler woods, as natural looking as possible (and you don't have spray equipment).