I have no use for FL and also think CLP is over priced. For the last ten years I have been using synthetic motor oil (various viscosities for different uses) and it performs just as well as CLP for a fraction of the cost. I haven't tried FL because I know a rip off when I see one.
What amazes me is the people who use CLP to clean a gun. Oil simply does not clean as well as a solvent and costs a lot more. I use Brake Parts Cleaner for all of my cleaning, except the bore where expensive cleaners are necessary. And save a lot of $ in the process.
PS To answer the original question: Nothing is as good as you have heard, particularly the "Wonder Lubes". It is all BS. The market place is flooded with products that claim to do a better price than conventional lubricants at a greatly inflated cost. I have yet to find one that works as advertised.
Shot about 100 rounds through it today. Temp was 34 degrees and it was misting slightly. Bullets were Winchester white box 5.56. The rifle cycled flawlessly through all rounds out of old metal follower 20rd mags, USGI 30rd mags, and one M4 windowed PMAG. I pulled the bolt carrier about halfway through to check it out, I noticed that there was no abnormal scratching or marks on the bearing surfaces. They did however look slightly wet and when I touched them they felt like they were oiled. They were definitely dry (A.k.a., wiped clean of excess frog lube) when I had put the bolt carrier back into the gun after the initial lubrication.
I will update with pictures when I take the gun apart to check it out at home.