Kutenay,
I used Obenaufs Oil and LP exclusively after learning about them either here or on Kifaru. They are high quality leather conditioners, but as I understand it they are mink oil derivatives and, as such, will eventually delaminate the rubber rand material from the boot. Plus, I think it had a tendency to soften leather a little too much.
Not wanting another delaminations issue, I was assured by Joe at Kenetrek that the boot wax they throw in with their boots wouldn't just do the same. If memory serves it has a fair amount of beeswax and vegetable oil. It seems to work fairly well at keeping the leather conditioned and supportive when applied judiciously. I don't overdo it. I don't think there is a whole lot of sense in weighing a lightweight pair of "waterproof" boots down 5 lbs. of leather conditioner. It a potent sweet smell too it - though not entirely unpleasant, that is not soon diminished.
You might give it a shot if you decide to go ahead the a pair of Kene Teni's.
Allen