The spray on silicone conformal coatings are rubbish. They are easy to apply, and you can solder through them, but they are so thin they tend to not cover the corners of components and boards and over time get worn through. Castle made great controllers, but they were notoriously not water resistant despite the marketing, hopefully their new one will be epoxy coated with something like the dp270 linked to above which give a much thicker and actually effective water resistance, or encapsulated like their recent car ESCs.
I think the silicon at the caps is not used as a sealant, but as strain relief to stop the legs of the caps snapping off over time with vibrations and jostling. the vast majority of silicone sealants are not suitable for electronic use as they the nasty smell they give off is an acid that is corrosive to copper, even the "odorless" ones for fish tanks have it, just in smaller quantities to avoid killing the fish, there are electronics grade acid free silicones available, 2 I have used are Servisol available from most big electronic supplyers here, and Kafuter available from hobbyking, of those 2 only the servisol would fit your needs with it's thick "no slump" formula, the Kafuter is tofunny for that usage scenario more like a really thick liquid than a firm gell.
Paul Upton-Taylor, Greased Weasel Racing.
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