Being an old surfer dude, of course I prefer wax!

I use kerosene to clean the chain.

Here's a link to a good write-up concerning chains and maintenance:
http://www.canyonchasers.net/shop/generic/chain.php

Here's one that has an interesting bit about WD-40 (near the bottom):
http://www.webbikeworld.com/t2/motorcycle-chain-lube/

"Never underestimate the power of human stupidity" - Robert Heinlein