Silicone lube is perfectly suited for any bicycle application where a similarly light oil is called for. Chains included. No, it probably isn't well suited for places where a grease would normally be used. Oils generally aren't. Silicone is usually specified for use on rubbers or plastics that might be attacked by more common petroleum based oils. ISTR it's also often specified for it's high flashpoint, though I could certainly be wrong about that, and it's not an issue with bikes.