Two observations:
for a variety of reasons, I've been unable to do anything with my tools for half a year.
When checked on yesterday, my pillar drill's cast iron table, and my PT's beds, were fine. Both had received the liberon paste wax treatment; the pillar drill is a cheapo ferm job that had previously rusted in a corner: I actually nearly threw it away, but used it as a test case for rust removal/restoration. It still looks like new. My conclusion, FWIW, is that paste wax is definitely the way to go, and will give you a good six months' protection if well applied - as mentioned above, it also gives useful lubrication when feeding stock in.
WD40 aids in clean up, but doesn't seem to offer much long term protection. Camellia oil is much touted, but isn't actually much use at all, unless you are applying it virtually daily. There was a review of various rust inhibitors in a US woodworking mag that supported this view - it's not just me having an opinion. They left a number of strips of iron outdoors: the camellia oiled one rusted about as fast as the untreated control strip, IIRC.