I have to agree that Obenauf LP (not the oil) is one of the best conditioning waxes available. As Patrick indicated, it's virtually impossible to ever develop a shine on boots that have had LP applied. Therefore it's great on work boots, not so great on finer footwear. I have a specific horsehair brush that I use on boots with LP that I don't use on any other footwear. I don't want the LP to transfer to dressier leathers.
While nothing other than a waterproof/breathable membrane will truly waterproof
a boot, Obenauf LP will keep your feet dry. I applied LP to these Wolverine 1K's a half dozen times over a year or so and brush them regularly. I applied brown kiwi wax twice but it doesn't look any better after the kiwi so I stick to LP only. The only other care is to remove salt in the winter with a damp cloth. I remove the salt religiously after each wear in the winter, it only takes a minute then I brush them with the LP brush.
IMO, they look the best with a coat of LP and brushed. It brings up a nice, rich luster...not a shine...but not dull. These haven't been brushed in months and are a year old. They just look better and better as the months go by.
I'm on the fence about applying a vibram half sole (like the mini lug) over the leather sole. Last winter was very snowy and I would have appreciated the extra grip. With that said, I lived through it and I think they look great with a leather sole. I also added the leather laces...I think its a significant improvement over the OEM flat cotton laces.