I'll try dig out an article that shows the side by side comparisons between components exposed to all weathers coated in WD40/FS365/ACF50 - the results are quite shocking, you wont use FS365 over ACF50 again, I promise you that (if you're using them for the correct purpose anyway)
Personally, I swapped from the aerosol can version to the pump spray version, topped up by the big bottle, couple of pumps and just spray around the general area and rub/wipe in with a decent cloth or microfibre cloth, just dont go over board with it and make sure you cover all the nuts and crannies! Avoid your discs/pads, either cover them up or take your wheels out and do the bike, and then the precise wheel bits separately. I do it myself regularly but once in a while it goes to a chap in Bolton who cleans and details the entire bike, and then applies a very good coat using his machine sprayer thingymabob and its fab, gets those hard to reach places and always does a nice even coat everywhere. Really brings out the best of the bikes appearance especially if you have a lot of black metal work and engine casings etc