I have no experience of WD-40 as a chain lube but it was originally developed as a preservative fluid for maintaining Naval helicopter gas turbine engines. The engines would inevitably suck in seawater spray when the chopper was hovering at low altitude. When the aircraft landed the salt was washed out of the engines with fresh water which was then displaced with WD-40 Water Displacing fluid (WD – gettit!) which was sprayed into the engine. The principle is the same as the way rain beads up on a waxed car roof and runs off. This works for gas turbines but don’t try washing the inside of your favourite piston engine with water…
So there we have it, WD-40 works on chains, jet engines, gun actions and knee joints. Where can I buy shares in the WD-40 company!