As I've not had the willpower to bring myself to buy some normal chamois cream I've used this for a bit despite it still being summer... (I've got that excuse because I'm a student now and student's are poor). After using it for over a month, I guess it works to a certain extent by softening the skin, but it's certainly not as effective as the normal stuff that I've used such as Asoss/Chapeau/Udderly Smooth chamois cream.
Dedicated as I am to the cause of reviewing this product I suited up in my weather gear on a dismal day for a 30 mile ride. Did I notice any difference or more effectiveness? No not really... Maybe that's a good thing as I definitely didn't have any chafing- although it was a relatively short ride.
My thinking behind the solid consistency would in theory it doesn't wear away as quickly- which is true. But unless you're doing a century ride or a Grand Tour stage I can't see this product being of much use in preference to normal chamois cream.
I'll be sure to update this if I happen to spend a lot of long hours in the saddle in wet weather...