The last time waxed my chains, my bikes had downtube shifters. It had been so long, I had forgotten how good a chain lube paraffin is. Like really good. I don't run high-end chains any more and it makes even my economy chains run as silent as death and smooth as a gravy sandwich. When fresh-waxed, it is so smooth and quiet, you could mistake it for a belt drive ...except belt drives aren't derailleur-compatible.
At first I thought I was making too much of the difference, so I went back to bottled lube. I had pieces of bottles of five different commercial lubes about, plus I brewed up some homemade OMS & synthetic motor oil. I alternated a week's use of bottled lube (the flavour of the week), followed by a week of paraffin, with a thorough cleaning in between.
I wasn't imagining things. The paraffin clearly makes the chain run smoother and quieter than all the alternatives I tried.
It obviously isn't so handy as a squirt bottle full of liquid lube. Plus it is more logistically involved and requires advance preparation. But the major problem I encountered is it can be temperature-sensitive.
I have discovered that just because a chain is dunked in molten paraffin does not guarantee the wax will penetrate to where it is most needed. If the paraffin isn't hot enough, or if the chain is too cool, the molten paraffin cools to the plastic state on contact with the metal, before it has reached the deep recesses. If the chain emerges from the paraffin bath resembling a glaced pastry, that is an indication the wax lost too much heat on contact with the metal, and might well have done the same internally. If the paraffin had stayed good and hot, if it hadn't cooled to the plastic state, it still would appear transparent on the chain, much the same as if it were wet with water.
Bad enough it doesn't lubricate optimally, it also wastes paraffin. The translucent coating is well thicker than required just for lubrication, and the majority of it will slough off in two or three trips through the jockey wheels. This becomes a problem for me whenever the air temp is below about 21°C/70°F. Below about 16°C/60°F, the only solution I have found is to bring the bike in the house and let it warm before trying to wax it. You still can ride it with the glaced look, but you will shed chunks of wax as you go, and the lubrication effect in my admittedly limited experience isn't nearly as long-lasting.
This is not a factor using the traditional method -- remove the chain and dunk it in a pan of molten paraffin on the cooker -- because in short order the chain will assume the same temperature as the wax. Which means that even if the paraffin had cooled to the plastic state, it will liquefy again once the chain warms. Which guarantees optimal lubrication.
My pipe dream wax application device would be something like an miniature electric fondue pot, a small low-temperature self-heating container that would melt the wax and could be raised up over the loop of chain at the jockey wheels (see previous picture). Since it would replenish the heat the chain is removing from the paraffin, it would be a matter of just rotating the crank slowly enough to let the portion of the chain submerged in the molten paraffin warm sufficiently.
But in lieu of my bicycle chain fondue pot, I'm thinking my next chain will be one better suited to regular removal/replacing. And I'll go back to the traditional waxing method.
At least until the weather warms.