I switched to the Lucas Extreme Duty oil after seeing it in action during a FA shoot at the range. It's formulated for FA use, extreme temperatures(-38 to 400 F), and stays where you put it. I use a dab of Lucas Red-N-Tacky #2 on my cam pin and my aluminum framed pistols.
As far as wet or dry, about the only thing I run dripping wet are the gas rings. I found out the hard way running those dry will kill them in less than 1K, even with a chrome-lined carrier. I lube the carrier rails/bolt head just like I do my pistols, and rock on. I'll put a couple of drops of Lucas on the rings about every 500 rounds.