As with any product there are going to be those that like it and those that don't. I did a lot of reading and scoured many us forums to get as much info as i could. Most reports actually seems very very positive with quiet a few reel mechanics recommending and using the product exclusively. The general consensus i got was that it actually improved the smoothness of most reels be it shimano, diawa, quantum or whatever. Most claims against it seemed due to misuse (ie filling van staal crank cases with it) or had other underlying factors like lack of reel maintenance etc etc. I think at one stage even shimano was also trying to blame hot sauce for destroying there gears because it was suppose to have a polishing compound in it (which it doesn't). Also most of the above problems seems to be with the hot sauce oil not the grease. The oil is very low viscosity which is great but it does have to be applied fairly regularly, say ever 2 months. I don't see this as a problem as it really should be part of most peoples reel maintenance program in fact after ever couple of trips i will add a drop of oil here and there to keep things working properly. Apart from that I have been using it for a while now and haven't had any negative issues. Yes, i do open up my reels and grease gears and oil bearings fairly regularly (3 to 4 times a year) but thats not to say that most of them don't live a pretty harsh life. I have used shimano grease before and found it very good but at the moment my preference is for the hotsauce. Anyway, Its pretty cheap stuff, Its worth getting yourself a tube and trying it to see what you think.
Cheers Chris