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I use it to clean mine. Spray it on a rag and wipe all the old stuff off and finish off with chain lube. Just don't soak the rollers, as it will tend to make the wax not stick.
As a lube, it won't last but a few miles.
I remember reading somewhere that WD-40 shouldn't be left on because it will attack the O-rings. This guy does a WD-40 test and it came out OK, so that seems a myth, but he didn't address the propellant aspect of the controversy.