Threadcronancy!!!
NeveWet SUCKS! Hydrophobic? No! More like "temporarily water repellent", any kind of friction and the stuff is gone. I've used it on all kinds of stuff, boots, coats, guns, a tent, all the stuff it says it's for. The only thing that I've used it on, and it's stayed and remained functional, are a few electronic components in close proximity to wa-wa. Even then, it only sticks to places that don't generate heat, which seems to be an enemy to this stuff, making it USELESS in Arizona. In my experience, WD-40 is much better for keeping things water free, if used properly.
Remember folks, WD-40 is neither a solvent, nor a lubricant, it is a Water Displacement formula. While it can serve as solvent or lube, there are better products for such, but as a water displacer, it is unrivaled. I've used as such in ways most would never think of, like flushing a transmission that had somehow gotten water inside. It was my '85 CJ7, the four speed sucked up some wet, probably through a leaky seal during a creek fording, and had about half a gallon of water inside. After draining my gear oil, there was lots of water left behind, I flushed it with WD while idleing, that tranny is still rock solid!
Sorry, had to rant!