I just got some and so have only a little experience with it, but I'll tell you this: My M14 became pretty slick pretty quick. Same with a Win 70 bolt action that had been feeling a bit sticky using ordinary gun oil on the rails/bolt. I have a couple of those needle nosed micro-oiler bottles that I put it in so I can get a dab wherever I want it. I am highly optimistic that I will be ordering more and using it often. I love the sound of a slick semi-auto slamming home.
As for the smell, I didn't put any behind my ears.