Ok, so I have gone through the whole process and waxed up a few chains and I have one installed on the bike. It certainly is a lot cleaner than traditional oil lubes but it is anything but quiet. Granted, I have only turned the pedals with the bike on the workstand for ten minutes and, while there is no squeaking as you'd get from an underlubed chain, there is a lot of chain/cog meshing noise. It is loud. Is this something that will improve with a full hour or so on the bike on the road? If not, I will be back to my old lube pretty swiftly. After a full bike clean and fresh lubing of the chain, I used to not even hear my chain for a few rides.
Ok, so I put two hours on the bike this morning after re-waxing a chain last night. I had a closer look at the MSW site and it seems I err'ed in wiping down the chains lightly when they came out of the wax bath. So I didn't do that this time and simply hung the chain to drip dry.
Well, I can say that it's 'one and done' for me. The noise did diminish compared to my initial waxing but the whole ride it felt like my drivetrain was gunked up and the shifting was anything but crisp. I took a look when I got home and the derr pulleys were coated with waxy gunk and the chain was covered in globs of it with a good bit that had flaked off stuck to my chain stay.
Well, that experiment is done. I fully stripped the chains I had waxed in an OMS bath and then put them through the ultrasonic cleaner with more OMS and I will be reverting to the NFS lube I was using that, while not as clean to the touch as wax, is a heck of a lot quieter and better running. I'll put up with a five second wipe down of the chain after each ride to keep things clean.