I'm currently experimenting with paraffin wax. Similar to the Oz cyclist, I'm using 1/3 wax, 1/3 paraffin oil, and xylene or mineral spirits as a carrier. I heat the mixture in a quart jar till warm,(clean the chain first) and let it soak till all the air is out of it. Hang till dry/cooled. I reapply with a small squirt bottle when needed. So far I'm very pleased with the results. Clean, quiet, and smooth.
Last year using an oil based chain specific lube, with only 800 miles on a new chain I managed to ruin a sram red power dome cassette. Half of those 800 miles were on the trainer. The chain was completely out of spec.and it destroyed my cassette. First ride in the spring, the chain slipped and almost put me over the bars.
Im pretty fastidious about maintenance. I lube frequently, and clean when its neccessary.
I cant detect any extra drag using wax, just the opposite actually. It is a bit involved to use due to it turning solid, you have to warm it to use it. Maybe it will stay liquid in the warmer months, well see.