I've decided that my chain gets wiped down with kerosene every 250 miles or so. I just use one of those heavy-duty paper shop towels and a disposable latex glove. Nothing to it.
Kerosene leaves a thin coating of paraffin-like material behind when it dries, which may help protect the O rings. There is no sticky residue to collect dirt, and nothing splattered on my rear tire, unlike the aerosol chain lube recommended by my dealer. I figure that no good is going to come from having dirt encrusted on moving parts.
You do want to be careful how you dispose of those kero-soaked paper towels. I live out in the sticks so I can simply burn them when I'm done. A covered metal can is probably the next safest method.
