AKA elephant a-hem, , is still used to great effect in my shop. For general gun safe protection, quick stock and metal wipe down from a rag, and for oiling parts after a good clean. But not for shooting. There are much better products available for nominal cash these days; Break Free and Plastilube come to mind. Plus, I have ammo cans full of the stuff!
Ive used it to store rifles. the oil evaporates and leaves the lithium grease (thin coating) on the metal parts .3 years and the stuff wipes off leaving the metal as good as new. I'll take one out of storage in another 3 years and i'll bet the results will be the same. The stuff just wipes right off, you don't really have to use any degreasing agent. At least thats been my experience with it.