I tried it on a couple of bows years ago. It worked okay, went on fast and easy, repelled water fine, and lost it's trademark scent after it dried and aired out a bit. I found there was no need to sand unless it slightly raised the grain. I applied it often during hunting season, kind of like one would apply grease or fat.
That said, I've found SnoSeal to work much better. It's a beeswax paste designed for leather goods. It's a dream to work with and can produce a luster if desired.
In either case, slightly warming the bow helps it to soak up the oil/wax.