I tried it a while ago, and whereas it does penetrate very well, it also take a long while to go dry properly (as Colin says it stays sticky for ages). Nothing too bad, but I wouldnt bother with it again, as there are better alternatives.
I have just been using Eze-cote and it seems to do the business, especially if used with 0.6 Oz f/glass cloth (thats as fine as silk). The cloth is very easily wetted and flats down a treat.
Ashley