I have used this for years on my table saw, joiner and other cast iron shop tools , with great success. It waxy residue shouldn't be too hard to remove if needed. I would recommend this more for long term storage but would not want to apply it frequently since it could gum things up if not removed completely between applications.
I purchased a can of this a few weeks ago when I was cleaning up and refurbishing my reloading equipment. As noted by the previous poster, it does leave behind a thin waxy film and I think it will work well for protecting tools and equipment, but I won't be using it on any of my guns. It can be removed with mineral spirits or degreasers if you find it necessary.
Boeshield would be a very good protectant for the outside finish on a gun, you don't want it on the moving parts. I have used plain auto wax on guns and magazines and it works very well but in hot climates it will evaporate off quickly. It works fine for staorage in a safe. I have had very good luck with Breakfree's Collector. It stays on and protects for a long time. Birchwood Casey's Sheath is also very good. Eezox is one of the best too. Understand we are talking about protecting the finish from corrosion as opposed to lubricating, right?