White Lithium Grease used to be a recommended lubricant for many bike parts and bearings back in the early 1980's. One of the arguments was that it was not as affected by temperature changes as traditional greases.

The problem was that it does not last long enough for most riders' maintanance programs. My science isn't as exact as MichaelW or a2psyklnut (above), but it seemed to me that after about a month or so, the lubricating properties were gone and only a dry residue remained.

I suggest NOT using lithium grease for most bicycle lubrication applications.