You'll also find various oil additives in Proofile. This stuff is basically wax and oil, not much different than Sno-Seal. Soaking the saddle in oil will result in excessive stretching, but will also expedite the break-in period. A damp rag between your butt and the saddle will also hasten break-in without worrying about the big stretch. Human sweat is water, salt, and oil.
I prefer to coat the saddle with a little glove oil, then use the saddle. With normal care, the saddle should last at least 20 years.