In my opinion, lubing your chain comes down to 80% technique and 20% product. I could make a $1 000 000 chain lube worthless, simply by applying it incorrectly.
I've worked on chains that people thought were goners. One time, I took a VERY BAD chain that was rusted beyond redemption. It was off from a motorcycle in a junkyard, which was left in the outdoor rain for days on end (possibly years). It was a HORRIBLE chain.
For a joke, I decided to LUBE IT. I went to a store and bought the cheapest, nastiest and ugliest can of motorcycle chain lube I could get and went to work.
The more I used, the better it got. End of story. The problem with over-spraying is LUBE will flick off and you get chocolate sprockets. The solution? You wipe down the chain segment after each hardcore spray. I wrapped a rag around the chain and HEAVE!! Spray it down, WIPE! Again! (Whip crack).
If I HAD to pick my favourite chain lube, it would be any that allowed me to see what I'm doing. The problem with most chain lubes, is you can't actually see HOW MUCH and WHERE you're applying the lube. The liquid is almost like water! However, SOME chain lubes are foam based, or white colored. I like those the most, because you can see where the lube is going and EXACTLY how much.
Lots of theory behind this logic.