I've always splurged (wasted money?) and used Phil's grease on my bikes. However, I buy it in 640 gm (22.5 oz) tubs so the cost per ounce is much lower than buying it in 3 oz tubes. I use a Dualco refillable mini-grease gun to dispense it and to keep the grease in the big container clean.
It does work well and I have hubs with well over 50,000 miles on them still using the original cones. Is it necessary to use "bicycle specific" grease? Of course not but it does work.