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I use this stuff. It's a pain in the ass to degrease the chain, but you only have to do it once for the life of the chain.
I shake the chain in a jar full of gas for a while, and let it soak and shake it more. then I'll rinse it really well in hot water, and repeat in a jar of alcohol. after the alcohol, i dry the chain then wax it, in a $5 mini crockpot. I don't reapply any liquid wax or anything, but when it starts getting noisy again, I dip the chain in wax again. I don't bother to "clean" the chain with boiling water or anything, it goes off the bike and back into the wax.
For me, it seems like less of a pain to wax. The prep is annoying, but that's only once for the life of the chain. I'd rather spend a little time once every 2-400 miles, then have to repeatedly clean and re-lube every other or even every few rides.
I don't really keep track, but my waxed chains have lasted a lot longer than my previous chains. I attribute this to the wax forming a barrier or seal that keeps grit out of the nooks and crannies of the chain, but i'm not a scientist.
It's pretty dry here, but I have ridden in the wet without issues. People say waxing might not work for you if you ride in the wet a lot.
