I'm also a new "believer" in Ren Wax. I spent twenty years in the Marine Corps, including time in Southeast Asia (extremely high humidity). We were always taught (and expected) to use a light coat of oil. Up until recently I had been using Rem Oil for all of my firearms. However, I began to notice a somewhat oily film and uneveness in the lubrication.
After reading many forum posts on this subject I started to use Ren Wax, initially just on my Goncalo Alves grips, and then I have expanded the use to include the exterior surfaces on all of my firearms which have various finishes other than the traditional blue, nickel, and stainless. I still use Rem Oil for the internal components.
I have read forum posts which indicate that there are primarily two different wax options: 1) Johnson's Paste wax (petroleum base so you still receive the benefits of the oil), and 2) Ren Wax - "Renaissance Wax is based on more stable microcrystalline waxes refined from crude oil. Renaissance Wax also contains polyethylene waxes. Some other microcrystalline waxes intended for conservation use (e.g. Cosmolloid 80H) do not contain these.
I first use isoprophyl alcohol (70%) on a cotton rifle patch to remove all of the existing exterior oil, then wipe the alcohol off with a soft cotton tee shirt. Apply the Ren wax (like Brylcreme, just a little "dab" is all that is needed) with either your finger or a soft cloth. Allow it to dry for five minutes and then buff it off with the same soft cotton cloth.
"Wax coatings for conservation are most widely, and least controversially, applied to metals. This has several objectives: to produce a barrier that excludes moisture and oxygen from the metal surface, to ensure against further introduction of contaminating elements by handling, and to provide a protective layer over anti-corrosion under coatings. Waxes are not permanent, though, and will attract dust and lint over time, necessitating removal of the dirty wax."