Cyccommute makes a very good point about dusty conditions. I do not have those but once did (two years in Alamogordo, NM). That damned desert dust will eat anything that is metal and rubs together. I can understand why he would choose to use wax as a lubricant. His compromise almost certainly is the best one for the conditions he rides through. A coating of that fine sand will suck the oil right out of a chain. If I had to ride along a windy beach (San Francisco, Santa Monica or Ventura for instance) I'd take a look at similar lubricants.
However: Thick oil remains the best lube for chains if, that is, one can keep it clean.
Clean is the real problem along with caring enough to bother.
Toothed belts and IGH hubs end these concerns and I wish I could afford them ;o)
Joe