If you're using the grease I'm thinking of (that comes in a small syringe), then it's basically repackaged Dupont Krytox, which is a pure Teflon dry grease. Not really a grease in the traditional sense since I don't think there's a base "soap" that holds an oil and releases it under pressure. I don't think it's intended for bearings. It probably doesn't have good washout or corrosion resistance and I don't know how it would perform under high loads.

Anyway, I have some (it's the only way I've found to buy Krytox in practical quantities, unless you want to spend a few hundred $$$ for a large tub from an industrial supply house). But, other than occasionally injecting some into a cable housing, I mostly use it for lubing the threads and O-rings on flashlights and things like that (cyclists aren't the only ones who obsess on grease...there are threads over at candlepowerforums about the best flashlight grease, and Krytox seems to be the all-around best)