It's great for normal cleaning. If you have a really, really fouled barrel, the foam stuff is great. Saves on elbowgrease. But regular Hoppes is cheaper and fine for average cleaning tasks.
The big jugs are not a waste of money, they last forever. I inherited a jug of the old formula (with benzene and tentacle-growing 50's stuff) and I already had a jug of the new stuff. I think I'm in good shape for solvent for about the next 50 years. You better get to like it, you may have those jugs for the rest of your life.
