I don't use it on lures or terminal tackle, but I know people who do (mostly for catfishing). I have read that it is 90%+ menhaden oil with just a bit of petroleum product, others say that's not true.
I've got a friend who sprays his rods with it after rinsing them.
Real Magic has gotten really expensive, I paid $14.95 for my last pump bottle at Academy and WD-40 does seem to be a bit better at preventing rust.
I'd like to hear opinions and experience.