There is not a lot of things to say about wax finishes, so only three things, not three pros and three cons.   I am not talking about waxed finishes, but simply using a wax as the one and only finish.  Some waxes are light amber, but you can get waxes in a variety of darker colors where the color has been added.

 

Wax is an evaporative finish, meaning with the thinner or solvent evaporates, you are left with the finish.  No more chemistry happens.  Usually the solvent is mineral spirits, but sometimes, as in the original Briwax, it's something else, in that case tolulol (aka toluene).   (So the original Briwax can be a bit too aggressive for new finishes as it's meant more of a restorative wax over a finish, that is, a waxed finish).

 

Waxes are one or more of three types:

- Animal (e.g., beeswax)

- Vegetable (e.g., carnauba)

- Mineral (e.g., paraffin)

 

Three things:
+ easy to apply - to quote a movie, wax-on, wax-off.  Let most of the solvent dry, then buff out.   I like to say you want a finish just a few molecules thick, so take off as much as you possibly can, then buff a little more.  Wax build-up can attract dirt and not be very attractive.

+ easy to repair  - Just add some more - wax on; wax off

- minimal protection - while wax can beautify a wood, it does not do much to protect it from moisture, soiling, etc.  It would be appropriate for things that don't get much contact such as art turning, picture frames, etc.

Thanks for another informative lesson!

I had used a wax finish on one of my bandsaw boxes. Used a carnauba wax. My daughter still has the box. Over time it does loose its' luster but when applying another coat of wax, the new wax helps clean the old, and provides a new luster to the finish. I do prefer a hard finish that provides protection from moisture and possible damage. I believe that once you've applied the wax, you can't refinish with a different finish.

Very timely Keith.  Just yesterday I was looking at an old picture frame and wondering what I might do to salvage it.  It has been "stored" in the garage for quite awhile so it is pretty dusty/dirty.  I was contemplating just junking it, but I may try a cleanup and wax to see what happens first.

Here's a good article on that, Cal.   http://www.woodcentral.com/bparticles/save_finish.shtml

Thanks again Keith, I have printed that article out and will carry it to the shop next time I work on that frame.

ran across another similar article this week

https://www.popularwoodworking.com/techniques/finishing/rejuvenating-old-finishes

uploaded version in case the link goes 404 Rejuvenating Old Finishes - Popular Woodworking Magazine.htm

Thanks Keith.  Using the earlier info that you posted I went after the old picture frame yesterday.  I was quite (happily) surprised at how well it cleaned up.  A few minor dings and scratches really kinda sorta disappeared.  I plan to do a second coat of wax today and then mount the mirror and call it done.  Will post up a pic after that.

A big thanks to @kmealy for posting this info and these articles up!  A few days ago I completed a mirror for a friend.  The mirror and frame I think must have come from a yard sale several years ago because it has been in the garage coated with dust and debris for a long time.  Anyhow, I was ready to simply toss the frame and make one from pallet material when Keith posted this up.  So, I decided to give it a go.  I gave it a good scrubbing with soap & water and applied two coats of wax.  Not the same as a newly made frame, better than a pallet based frame that I was going to do.  Unfortunately, I did not take any "before" pics.  I think it will be A-OK hanging in a relatively dark room!!!

Looks good to me.   If anyone complains, it's "patina" and you pay extra for that.