I ride in the rain alot. I live in the Seattle area. I use SnoSeal only. Not because other stuff is bad, but because that's whatv I have alot of. And, it's been my life-long water repellant for all my out door leathers. I start by heating the saddle in the oven on low. Slather on the Snoseal while the leather is hot. It'll melt in like butter. I only apply it to the bottom side because it can be sticky on top. I keep applying til it begins to soak thru the top. Then I stop. That's all I ever do.

Body heat and motion will draw the wax up thru the leather. No further treatment is needed - forever.

B67 fresh out of the oven with three good coats on the bottom side:
http://i9.tinypic.com/54br7gp.jpg
Same saddle at one week:
http://i9.tinypic.com/53kfuqt.jpg
After 500 miles to present 3000:
http://i15.tinypic.com/4v4t6vb.jpg

Here is a B17 with just a smidge of Proofide at 1000 miles, with clear boot polish every two weeks or so:
http://i15.tinypic.com/6guf881.jpg