The trick to Chain-L (& by extension Phil's, and bar-oil) is warming the bottle to a lukewarm temp so is flows thin to avoid over application. Then getting all the excess off. An old t-shirt or cotton cloth & some time is all that is needed.
I don't think it is suitable for dry/dusty/summer time use. But for year round riding where it rains 6 months of the year, it's good stuff. Not for everybody, but good stuff all the same.