ONe thing is for certain. When you spray WD-40 or similar on a bike, it doesn't go up in flames like many would have you believe. I found that it worked great on my frozen derailler the other day. I am going to expirement a bit.
I get pretty sick of spending $7.50 on a small bottle of chain lube. Espescially since i don't run all that expensive of bike drive train components. It is a little stupid to spend $25 trying to preserve the life of a $20 chain that is going to wear out regardless.