Well, in general, grease isn't runny enough to penetrate inside a chain, where lubrication is actually required, and will instead just sit on the outside of it, where despite providing protection from rust and eliminating noise, it will also collect dirt.

Also, if the bike had a new chain, the factory lubricant on chains is generally far better than any lube you can actually apply, so you generally don't need to do much chain maintenance for a while.

However, for lubricating bearings, bushings and threads, I'd imagine it would be pretty good. You could also use it as anti-sieze on seatposts and old-style stem quills (NOT stems for threadless headsets)