Neatsfoot oil, and Mink oil are good for keeping the leather conditioned and soft, and is usually one of the main ingredients of wax based waterproofing.
However, by itself, it doesn't offer the same protection from water as the wax.
I personally prefer Montana Pitch Blend dressing, the addition of pine pitch really helps the water repelency, however, the wax itself probably doesn't need the help. I make something similar at home with beeswax, neatsfoot oil(mink is expensive), and pine pitch.
Here is a nice write up on the different ingredients:
also some links to the products:
If I get either of the above and they seems thin(oily) I will usually melt them down in a double boiler and add more beeswax which can be had at Michaels or any craft/candle store.
Oh, and here's a little write up I found on sno-seal: