I've been using
EASTWOOD RUST CONVERTER and I like it. It's water based, dries rock hard and doesn't require any top coat or surface prep other than removing loose rust, oil and the like. I apply it outdoors and it has like no odor.
I know that Eastwood products play to mixed reviews, some people love their stuff while others believe they just sell over-priced stuff to snobs who think if they pay more they get more... I have one foot in each camp. Some of their stuff sucks like their Under-Hood Black (Rustolium Satin Black rocks IMO) but I'm sold on their Rust Converter.
Somewhere out there I read a side-by-side test with POR 15 and that's why I bought it.
Of course, when it comes time to paint my bed boards black, I'll be using POR 15... I'm really glad I looked in here and found that link.
