I too have had good results with Sheath for about 15 years. It is a good rust preventative and an okay light lubricant.
Interestingly, while Sheath is a dedicated rust preventative, Sheath did not do as well in my salt-spray torture tests as multi-purpose cleaner/lube/preservative as Break Free CLP and Eezox. Sheath-treated metal exhibited rust freckling much sooner than both CLP and Eezox.
Still, except for the most extreme conditions, Sheath should serve most of us just fine.