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Highly recommended, and I have used it in a lot of wheel overhauls, and I can say from experience that it lasts a good while. It does what grease is supposed to do. As someone who doesn't ride lots of miles, or every day, I have comfortably gone a couple of years between hub overhauls, and a few years between bottom bracket and headset overhauls. (Ok, I totally put off headset overhauls a long time. Call it a moral failing.)
I have used some other grease which seemed slightly smoother, and so the wheels and bottom brackets seemed to turn with a little less friction. But I cannot even swear to that. Anyhow, this non-phil wood grease did not last as long, so the possible marginal reduction in friction totally got lost in the lack of longevity.
I cannot say if this is the absolue best in the world, but having tried a few different options, including automotive bearing grease and various good brand name bike specific greases, I keep going back to the Phil Wood.
Durable, dependable
Might be something cheaper that works as well but at $5/yr it isn't worth the risk to find out.
Been using Phil's for 5 years, maybe 30,000 miles on dusty but not too wet roads and trails (the Southwest) on the same hubs. I pack the bearings 3-4 times per year. The hubs are still fine.
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