Yeah ive heard pros and cons for both. ive never had a problem with either to be honest. Some people say that processed oils and waxes (most bore oils) actually clog the pores and fine structure of the wood fibers and hinder the transfer of moisture to the wood structure.
My friend is a guitar player in a fairly big UK band, he uses 'guitar honey' http://www.amazon.com/Gerlitz-GEGHO-Guitar-Honey-Fingerboard/dp/B000EEJF4O (he uses it on his headphones too on the wood elements).
he has a naked wood style finish on his guitar and he swears by it.
Edited by zardon - 5/31/12 at 11:10am