The issue I have with Obenauf's is the unknown factor. The unknown factor is what percentage of oil is being used vs Proofide, and does vegetable oil react to leather differently then "natural oils" whatever natural oil means, dinosaur oil is natural oil, as is any oil. So to look at the ingredients of one and compare it to another is a lacking quite of bit knowledge on the the kind of oils used and the percentages used and how those react to suspended leathers found in bicycle saddles. I do know that Neatsoil or Minkoil will destroy a Brooks saddle in short order, I 've know people who have done this due to a bike guru's advice and the saddles lasted about 5 to 8 years before they pulled away from the rivets and frame and could no longer be tensioned.
Also some people I know use Sno-Seal in the beeswax form and had have no problems.
Sorry, guys, but I would use nothing but Proofide and or KIWI paste shoe polish, I've in fact since I've run out of Proofide about 3 years ago have been using nothing but the Kiwi paste and like the results a lot and always have. I actually know a person who has been using the Kiwi wax for many years, more years then I have had my oldest Brooks, and his saddle looks great...though I'm not sure if that's because the older saddles may have been made better then today's saddles or not.
I am thinking about trying the Selle Anatomica Titanico X saddle for my new bike and use nothing but Kiwi paste wax on it.