(I'm sorry if this is a bit lengthy.)
Because the bearing surfaces of modern chains are sealed and protected by the 'O' or 'X'-rings, we're really only talking about the exposed surfaces of the chain needing protection from the atmosphere. It seems to me, therefore, that actual "lubrication" is totally unnecessary - only protecting the exposed surfaces from rusting is all that's required. I mean, if 'O' or 'X'-rings seal manufacturer's grease IN, how do externally applied products miraculously get past them to add lubrication. I believe claims of "lubrication" to be mostly snake-oil and the profits of these companies are on the back wheels of motorcycles, a bit like Heinz' profits being from what's left on the edge of your plate!
As others have noted, a regular wipe with an oily rag is all that's needed to achieve prevention of rust, because a rusted surface will eventually creep under the 'O' or 'X'-rings and damage their ability to seal the manufacturer's grease in.
So, if you accept that modern chains don't need actual additional "lubrication", then a non-flinging coating on the rest of the chain could be all that's required.
We have a product here in the UK, 'ACF-50'. It's an aerosol light oil, "stickier" than ordinary oil, and is intended to winter-proof motorcycles against the effects of water/road salt spray/etc. and it needs regular applications throughout the winter. It seemed to me that this could be all that's needed to protect chains. It's not a lubricant per se, but a protectant. It would need several applications throughout the year, more often in winter. It's not as "overkill" as I believe many (expensive!) products are, but not as tedious as constant wiping with the proverbial oily rag. A quick spray every 500 or 1,000 miles, whenever, could be all that's needed. (I don't believe ACF-50 Grease to be suitable.)
With this in mind, I wrote to ACF-50 and asked them their experience with "chains". This is their Product Manager's reply...
"Thanks for your enquiry.
We have racing motorcyclists who use nothing except ACF-50 on drive chains ! – when I queried this with a couple of them the reason was obvious.
They could spin the rear wheel with chain in place – and the resistance was minimal, plus they chucked the chain away after every meeting.
However – for everyday riding of course you need the proper lubrication provided by the wide range of chain lube choices available these days.
ACF-50 has its place for use on the side plates as you mentioned – it’s not harmful to chain o-rings.
The Corrosion Block grease ( made by same manf as ACF-50) does not have the same creeping properties as the liquid for obvious reasons – and to be honest, we have no experience of its use as a “protector” on motorcycle chains – but it might work ok as long as not too heavily applied so as to avoid “fling”.
Some years back the Scotoiler people got close to adding ACF-50 into their chainlube system – so there is no reason why you could not apply it along with regular chain products – but definitely not on its own.
Hope that helps.
Best Regards
Dave
Dave Heppell
Product Manager"
Confusingly, he says "you need the proper lubrication provided by the wide range of chain lube choices" which is the very thing that I take issue with - I don't believe "lubrication" to be the issue with our chains. But other than that, it seems that ACF-50 is a good substitute for "the oily rag".