Apply heavily and wipe dry after a short wait does not look as good initially, but the eventual build is going to happen and the sheen is produced after the fact, regardless of the appearance of the oil.
Old school rub-in produces a weaker finish because the oil is being heated and rubbed around, compromising linking of the polymers. Being somewhat plastic the layer will do some fusing over time, but alligatoring is more likely when layering on varnish.
