WD 40 is not my idea of a product that goes well on guns. This is not to say that I don't use the product on occasion. If someone sold Kerosene in an aerosol can, it would do about as good a job and I'd probably buy it for the convenience if it was cheap enough.. Thin solvents are good for freeing mechanisms, cleaning up heavier oils and dirt as they are applied and for general use as light honing oil and exterior rust prevention, and for "shining" things up. The CLP's , Rem Oils and Break Free type products are slightly better than WD40, but none are very good lubricants. I think people like them because they don't leave a lot of "oily" residue behind, but that is what is needed as a lubricant. A trend in this direction leaves us with the "dry" lubricants, which are mainly a joke as far as gun use is concerned.
The problem with WD 40 is the protective film it leaves when it dries. This may be OK on the outside of a gun, but in triggers and bolts it leaves a heavy varnish buildup (over many applications) that I find difficult to remove without mechanical scrubbing. Perhaps lacquer thinner in an ultrasonic cleaner might remove it, but gun parts cleaners with normal "safe" solvents don't remove the buildup (I am a professional gunsmith with a recirculating solvent parts cleaner at my disposal).
Most oils will leave an oxidation residue over time, as will 3 in 1 oil, petroleum based motor oil, kroil, sheath, etc. Surprisingly, sperm whale oil, an old standard, oxidizes very slowly in comparison. I base this on my observation of many old guns, but mostly from the tops of old cans of various lubricant products in the shop.
My current experiences are that the modern synthetics are superior in oxidation protection and viscosity stability to the old standards. Synthetics such FP 10 and commercial moly disulphide greases in silicone carriers do most of my heavy lifting these days, but I wouldn't be surprised if synthetic automotive oils/greases of different viscosities wouldn't do about as well. I don't have quite enough experience with the metal filled and other specialty lubes to comment on their long term effectiveness.
Scott