It seems like I remember the cooked-in wax being important since the inside of the chain needs lubrication also. Especially if you use something to remove the pre-existing, petroleum-based lube by soaking it in some type of solvent. Where's Rats when you need him?
Working away.....busy month.
Ok so Squirt and Heat wax are going to perform about the same watts wise. With Squirt you are re-lubing on the fly and picking up some dirt; that won't get flushed off the chain, there's not enough sacrifical lubricate on the chain to carry the dirt away and while it might penetrate it's not going to get deep into the chain. Net result of those two differences is there will some wear and shorter lifespans. Chains will be good for about 2000-3000 miles and you are going to get wear on the cassette and rings.
Meanwhile With Heat wax you condense your time into the Shop preping the chain to you crock pot sessions; then you put it on and don't think about it again until the chain makes noise around 600-800 miles later. Chain should last for about 5000-7000 miles just less wear because of the way the dirt flecks off with the wax.
So really it's just a matter of drive train life span. Heat Wax, and Squirt will both be fast and clean, Squirt just comes up shortly chain life.
FWIW RAAM team will be starting with a supply of pre-waxed chains for the race. Should have enough to complete the course; our back up lubricate is Squirt; because you never know when a sudden rain storm is going to mess up a waxed chain. Already acquired the squirt because it's darn hard to come by during the riding season; best to hoard some now.