I personally like it cause I use it on my older Gibson. (75 L6S-Deluxe)
Whenever I clean the fretboard with a clean rag and warm water, it dries it out so much that the wood gets a white haze on it. I use about 3 or 4 coats of small amounts of lemon oil, letting it soak in between coats. This puts a bit of the moisture back on the neck and makes it easier to play.
I use a small dab on the rest of the body just because it gives it a nice sheen.

some guys don't like it, cause they say it reminds them of kerosene (??)
and for older vintage instruments it works it's way into and under the finish, which could cause the to lift and the wood to become saturated with oil, possibly dampening the tone..

What can I say though.. I've been using it for about 10 years or more and never noticed any problems... and without it, the neck on my guitar would have dried out completely by now.
I did a video for the beginner section showing me replacing the strings on my guitar and cleaning it, showing what the neck looks like before and after if you have high bandwidth.

*additional note: it works great on my oak coffee table too :)