I buy the cheap WM knock-off "Spay Lube" but would never think of actually lubricating anything with it. It does work great for sharpening/honing oil on stones and wet/dry abrasive papers, cleans certain bore conditions reasonably well and makes 'em pretty for photos when applied to the outside of guns. Haven't tried it on my, um, "tool" and am pretty sure that's not going to be an option I'd consider.
I bought a Remington 722 222 once that looked pretty well used up. After I cleaned it with denatured alcohol, it looked like new, inside and out. The story was that it had been bought new, used a few times each summer, doused with WD-40 in the fall and stored until the next varmint season since 1957. I cannot confirm the veracity of the anecdotal history, but whatever was used on it made the gun seem like it was ruined, but the gum that built up over the years preserved the gun very well for several decades.