I've used it and it worked OK. Depends on what you want to do? It's a pretty aggressive abrasive as a paste in it's own liquid medium. You can quickly cut through a thin finish if you're not careful.
My prefernce for wet sanding is to use dry polishing flours mixed with my oil finish, or possibly boiled linseed oil, as the lubricant. So, I've substituted Brownell's dry pumice for the 3F and dry rottenstone for the final polishing. Actually, I've even moved away from the pumice; too much chance of cutting trough and I don't want to go there. I have much better control using 600 paper to flatten and dull the finish prior to adjusting the lustre with rottenstone/oil.
