What I use and why:
There are two things to consider, corrosion prevention and lubrication. Most products will do both, some are better at one or the other.
1. Tuf-Glide and Tuf-Cloth by Sentry Solutions.
Bonds with metal so even after it dries and you wipe off any excess there is still a corrosion prevention barrier on the steel. I've been using it for a few years now and haven't had any corrosion. Good lubricant.
2. Quick Release is supposed to be like Tuf-Glide as far as corrosion prevention and bonding to the metal. I've used it some and been very happy with it. According to testimonials on their web site it is an outstanding lubricant.
3. Finish Line. This is a wax based lubricant used a lot for bicycle maintenance. It dries with a dry wax coating. White Lightning is a wax lubricant also and I've heard good things about it. If a lubricant is used on bicycles that are going to be getting wet, dirty far more than a knife it seems logical that it will provide excellent protection against dirt for folding knives.
I bought a Kiwi3 about a month ago. It doesn't have a pivot screw that can be adjusted. As usual I drowned the entire knife in Tuf-Glide for corrosion prevention and lubrication. Within a few days the knife opened and closed easier than at first which is normal. Then the opening action seemed a little dry. I put a little more Tuf-Glide on it and it was very smooth again. Three days later it felt dry again. I used Quick Release and it was smooth again. In a few days it felt dry again. I put Finish Line (the wax based lube) in the pivot and it has remained perfectly smooth for 3 days. If it stays like this for 4 more days I will be of the opinion that it provides better lubrication. Then I will use Tuf-Glide on all metal surfaces and Finish Line in the pivot or wherever there are moving parts. The Kiwi is the first Spyderco I've had the issue of the pivot feeling "dry" in just a few days after lubing it.
About wax lubrication. It seems logical that a wax based lube will dry leaving a waxy film inside the pivot area to keep dirt and moisture out. I understand you need to apply it a little more often than other lubes. Every couple of months or so.
This is my experience for the past 4-5 years during my own search for good corrosion prevention and lubrication. Maybe it will help you.