I have some frends that have used this stuff and swear by it Does it really work ?

YES!
Its quite impressive really. We (a previous empoyer) looked at it for production treatment of parts. But its just too expencive for being slopped around in that environment. That and it takes 4 wipe downs with dring time between and the time factor makes it labor expencive too.
As a test we treated a number of guns with it and the anti-friction and wear results were measurable. It really does protect moving parts and prevent wear.

I have used in on three personal firearms. a 10/22T, a Marlin 1894 .44 (cowboy rifle), and a Ruger MKII-VLE in .22-250.
In all cases the guns operate more smoothly & clean more easily.

The 10/22 went from haveing stoppages of around 2-3 every 120 rounds, to having zero stoppages in 360 rounds. (These counts are accurate, a course of fire at a target game I shot for several years in NH, was 120 shots per course of fire). The biggest killer of scores was gun failure. The game was shot in the winter. That means temps as low as -20F to above freezing and humidty of 20% to snowing, fog, rain you name it. We shot in it all! Reliability of the gun was paramount to haveing a score over 112/120 as we could only have the same number of rounds on the line as the number of targets, and it was tightly timed, so there was no room for error or screwing around.
The Microlon treatment was a huge help in making the rifle reliable. More scores instantly jumped to 117-120 (my misses became the problem, not the gun).

The .44 Marlin got lots of use in NH, 200-500 rounds a week during cowboy season. After treatment the change was obvious. The gun was smoother, the sliding parts ran much easier and it took less effort to function.

Both of these guns are high volume shooters, and carbon fouling in the action is real consern with these. After treatment the fouling comes off the treated surfaces much more eaily, basically it just wipes off with a Hoppes #9 damped cloth. There's no picking at the fouling, no scrubbing, it just wipes off.

I do not work for Microlon, or any distributer, nor do I recieve any compensation from them.
The stuff just plain works as advertised, refreshing acctually.

The lube I use is Militec-1 for my firearms http://www.militec-1.com tried it on my Sig Sauer P 220 45acp and Colt 1991A1 plus all of my others as it really works as a dry lube.

scr83jp,
Microlon isn't a conventional lube, or not a wet one anyway. Its a one time use, applied surface treatment. It works in conjuction with wet lubes; unlike Militec, also a great product.

American Gunsmith test