I have some, I use it on wood, leather, and my guns. It's in rotation with ATF and Hoppes.
Not sure why people think it smells bad - it's like licorice. Plus, it's non-toxic, so I can guarantee you that whatever vapors you're inhaling from it are far less dangerous than those from practically anything else you could name.
In my experience, it cleans well, protects well, and neutralizes salts well. It stays put. I put some in the bore of a muzzle-loader that had been cleaned with other products and you would not BELIEVE what came out.
It's my opinion that it is an excellent tool general gun maintenance. If I could only have one product, that's probably what it would be, although I know at times I would be wishing for some Hoppes for really neglected areas with caked-on junk (22lr, I'm looking at you!). Since I am happily not limited to such spartan means, Ballistol forms a capable part of my cleaning and maintenance options.
NOTE1: I have the non-aerosol variety. I can't comment on the spray kind.
NOTE2: I read recently that Ballistol is also popular with airgun shooters. Make from that what you will.
EDIT: Oh yes - the reason Ballistol is even available here is interesting. The German army uses it for everything, and H&K requires it for use in their weapons. The reason it's imported to the US is that H&K said they would not honor warranty claims on the shiny new MP5s if Ballistol wasn't used on them. I figure that's a heck of an endorsement, so I use it on my P2000 without fear.