Twelve-year-old thread.

Nothing much has changed on this topic since OP in 2009. My thoughts on this subject.

There was a resurgence of chain waxing a few years back, custom wax mixed with PTFE, etc, some claims of reduced friction based on actual measurement. IIRC some of the these evaluations failed to consider the very real effect of significant contamination of the wax coating by road debris thrown up constantly from the front tire onto the chain as it rounds the chainring. This slowly turns the wax lube into an erosive grinding paste, more than would occur with oil chain lubes, since wax has adhesive properties, and obviously also increases bicycle drivetrain friction losses - which are probably insignificant compared to tires, pannier drag, full touring loads and wind.

I still mix DIY lube 1 part oil to 4 parts solvent, by volume, in a dispensable bottle.