Who's done it? What were your results? How easy/difficult was it? Would you do it again? What advice would you give? Can there be light without heat? Is there life after death? Are you gonna eat that?
I've done it several times. It's VERY easy and the guitar looks and sounds great. By Birchwood Casey's tru-oil rub it on with a soft cotton rag or your fingers... then just take some 0000 steel wool and buff. This is all assuming that the body (the neck won't be an issue) is sanded properly.
If your neck is not unfinished, then you need to remove the hard finish (lacquer), with steel wook or fine grit sand paper (320). Use firm backing on paper if used. Two coats on Truoil should do it. A good trick is to wipe on good and wipe off immediately before it dries. You won't even need to steel wool beyond that. Two coats, 20 minutes apart, 48 hour cure times has been my experience.
Tung oil is another option . It has a much longer cure time (7 days) but leaves the wood feeling a bit more "unfinished" even though it's not.
I'm in the middle of doing a Tru Oil finish over water based stain. Amazingly, even on the highly porous swamp ash, I'm getting a very shiny glass like finish by lightly wet sanding between coats. I think I'm going to leave it glossy and not knock it back with steel wool. The surface though is still "3-D". The striped areas of the grain are retaining their texture while the plain areas finished very smooth and lacquer-like. I'm planning on protecting it with carnauba wax over the top.
Yup, if you put a lot of coats of Tru-oil on you will basically "finish" the neck/body. This is not such a bad thing, as it will protect the body a bit more from dings. I have a mahogany body with Tru-oil finish and I love it.
Two coats is a good place to start, you can always add more coats. My understanding is that the Charvel necks get two coats only. Musikraft only apply two coats of Tung on their aftermarket necks as well.
I did a Musikraft guitar a few months ago - my first foray into guitar finishing (brown one in my avatar). The staining was a big pain, but the Tru-oil was easy. Came out great! I think I gave about 4-6 hours up to 24 hours between coats and did ~6 coats on the body and 1-2 on the neck.
Guitar rings like a bastard. More so than any other guitar I have ever played.