@gbb, the Zen art of bicycle maintenance
From Wiki, on WD40: "The long-term active ingredient is a non-volatile, viscous oil which remains on the surface, providing lubrication and protection from moisture.
[5] This is diluted with a volatile hydrocarbon to give a low viscosity fluid which can be sprayed and thus penetrate crevices. The volatile hydrocarbon then evaporates, leaving the oil behind. A propellant (originally a low-molecular weight hydrocarbon, now carbon dioxide) provides gas pressure in the can to force the liquid through the spray nozzle, then evaporates away".
The water-displacement property, the ability to penetrate crevices and to leave oil behind are, I think, useful properties in chain care. I like to wipe over with lightish oil afterwards, having had rust problems in the arduous mountain biking days, but this was probably from trying a dry lube, which did not work out well. But deep down, I believe that the wiping of oil over the chain probably does more damage than anything else, as it just smears any dirt on the chain into the joints. It's an emotional thing, it doesn't feel right not to wipe it!