Done properly, you shake off most of the paraffin from the outer surfaces before it solidifies. Then, after it has cooled, it is fully free after a few revolutions of the chain around its course. Do it with the bike on a stand, spin it up after putting the chain back on. You might have a tiny bit of stiffness left - but that is gone within a 10th of a mile, riding.
Paraffin beats anything wet for chain wear, EXCEPT an oil bath, or perhaps daily oiling. But, I would put it up against even weekly oiling, since oil attracts dirt.
You have to soak the chain in liquified paraffin, though. I was given a commercial paraffin lube, and they directed the user to wipe it on. Uh - paraffin probably won't migrate like oil, so I would think this product would be rather useless. Use a double boiler pan to prevent fire hazard with the paraffin. Too hot and you can get a flash fire.
The interesting thing about what FrictionFacts found was that paraffin also beats other lubes on just friction. What is truly mind-blowing about all this is that paraffin is NOT a lubricant, and according to at least one hydrocarbon chemist I knew - has no lubricating properties. But it works, so something is going on there. Maybe one day somebody will do a study and figure out why.
Oh - one other thing - you have to redo the paraffin much less often than any wet lube (silicone, PTFE, whatever). However, if you find a product that leaves a pure ptfe residue, with no carrying agent, let me know. If you could coat the chain with ptfe the way I do with paraffin, there might be something in that.