I use WD40 for cleaning, never as a lubricant though, also Servisol 10 switch cleaner with lubricant is great for dissolving sticky oil build up too. On my bikes, I'm using cross country finish line wet lubricant.
Like Kevin above I also clean my braking rims with WD 40, but generally only need to in winter. I don't know the answer to Summerdays issue with the lubricant in WD 40 but the stuff certainly leaves the rims clear of grime and grease and the brakes working well!
OK ... well it seems to work for you - I was going by what I'd heard, and I've seen brakes not working after getting lubricant (probably wasn't WD40 though) on - but I suppose it wasn't rubbed off ... but if you can use it and it doesn't remain to lubricate your brakes then it shows how well it would remain on a chain to lubricate it.
That's probably because WD40 isn't a good lubricant.
WD40 is a great dispersant and it dilutes oil very well, hence it's also a good cleaner.
I think that the point with using it on rims is that the coating it leaves behind is considderably better than the coating rims will get from oils and road cack flung up whilst riding.
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