We used this stuff for everything while I was crewing a coast guard patrol boat. It worked better than anything to protect against prolonged exposure to sea salt spray. In fact, that's where most of this good is used - on boats. It evaporates over time so you'll need to reapply it regularly - if you check your stuff every 6 months or so you should be fine as it still protects even if it doesn't look wet. It burns out relatively quickly, so if you're using it on engine parts or machine guns expect to need a good coat again once it cools down. Our routine was to rinse with fresh water, let it dry in the sun, apply a good coat of Corrosion-X and put it away. I don't want to smell like that. The original formula smelled like cat pee on your hands. And you know this should work really well if the side effect is making your hands smell like cat pee. Like I said, this new formula won't leave your hands smelling like cat pee. Now your hands smell like you strangled a drunk covered in cheap aftershave.
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