I've used it for the past 10 years or so on stock work and I find it great to work with. It actually does dry, unlike the big can of Boiled Linseed Oil from the paint & hardware store.
I use it as a top coating after a final finish is done. A couple of dots to the wood and rub it out as thin as possible and hang the wood to dry. Come back and rub out again with your hand in a few hours (6 +) and hang it up again. Should be dry to the touch in a day or so from there. I let it sit a bit longer or rub it out again before recoating.
Ultra thin coats, and let it dry.
I've only built one M/L in the past year and used it over the Permalyn(sp) finish. I dulled the Permalyn down before applying the linseed top coat.
Have used it on many rifle and shotgun stocks over the years and over the top of several different finishes depending on the job.
That little bottle lasts years the way I use it.
I don't use it as a finish all by itself, I just don't think Linseed as a finish by itself does very well. Just my opinion, and I know others disagree with that.
Not so good for use in French Polishing either as it's tendency to dry will form a barrier between the coats of shellac if you allow it, instead of only lubricating the application pad as it's intended to do.
You'll get layers in the shellac finish and it'll show when it's polished out, instead of one continuous layer fused together.