To be honest, I've never found it to be exceptional as a bore cleaner, certainly no better than Breakfree CLP, Hoppe's, or my favorite, M-Pro7.
As a lube and/or preservative though, I like it a lot, especially the way it seems to gel up a bit, but liquify as soon as you touch it. I keep some in a small needle, just as a precision oiler, and I use it from the can to clean and protect the outside of the gun.
I also have the gallon can. I use it straight, applied to and worked into a rag first. With the exception of black powder bore cleaning, I don't see the point of mixing it with water. If I can help it, the last thing I want on my firearms is water. For general bore cleaning, you'll need more than just Ballistol, especially if you shoot unjacketed lead bullets.
I don't see the point of mixing it with water.
I also have the gallon can. I use it straight, applied to and worked into a rag first. With the exception of black powder bore cleaning, I don't see the point of mixing it with water. If I can help it, the last thing I want on my firearms is water. For general bore cleaning, you'll need more than just Ballistol, especially if you shoot unjacketed lead bullets.