I tried some of it a few years back and still have most of the bottle sitting around somewhere.  I used it in a rust test along with some other products and my results pretty much duplicated the results that I'd seen -- namely, Eezox came in first, with BreakFree a close second.

It's a good enough protectant; it dries to a thin varnish-like film.  There are better lubes though.  It cleaned well enough for me, as well as any other CLP out there.