Yes, I think there's a good argument for a harder and more waxy mix - perhaps something like a neutral shoe polish?mostly because I'm a cheapskate and felt proofide was overpriced, I looked [far too deeply] into this a while back when I acquired a couple of vintage Brooks saddles. The general consensus among leather workers and saddlers that I've either read or talked to seems to be that the wetter preparations, while nothing wrong with them per se, dry out quickly or are too easy to overdo and spoil the leather. The harder ones like proofide contain tallow and/or lard to 'feed' and condition the leather, and some sort of wax to give it a degree of waterproofing (albeit small).
Of course, proofide should be used on a new brooks because anything else might invalidate the warranty. How they can tell I do no know, but I wouldn't fancy testing their abilities!
I use a conditioner from Sedgwick's, not because I think it's better but cos it was what my local saddlery sold. It does the trick and it was quite cheap. I've used it on several saddles, a satchel, bar tape, a purse and my work boots, and the 65ml pot is only half used after 2 yrs
Edit: oh, and the one thing I actually started writing this for and got way laid is, not all dubbin is the same; someone gave me some that came from a shoe shop and I wouldn't even put it on my nasty old rugby boots!
(Ah, Pale Rider just beat me to it)