I messed around with this stuff a little when shooting black powder, and it worked just fine, but I like soap and water for BP shooting.
However, I've recently begun shooting a 1911 at plates and pins with lead. A few hundred rounds will make a mess. I had a 16 oz can of Ballistol around, so I figured, why not?
I just used it straight, wiped everything down from field strip, then reassembled.
The really cool part was when I cleaned for the second time, which was ridiculously easy. Everything just wiped off. NO scrubbing, no brushes, nothing but a cotton wipe and the thing came clean as a whistle.
Man, what a stellar product.
