Not sure about the original formula, but I have been using the modern version for 10-15 years now on my road bike. I think it is awesome. Super light consistency and accurate tube dispenser makes it particularly easy to lubricate derailleur pivot points. Also works well on the chain and more importantly is easy to remove with a basic degreaser. Bottle lasts for ages, although I think it is best for bikes that are not exposed to wet/dirty conditions. After a proper ride in the wet, I generally clean the bike and reapply. I have a few wax type lubes and some heavier chain lubes, but I still think this stuff is great IMHO.