I've not been happy with water-based products which don't leave leather looking nourished, while the protection seems to me to wash out when the boots become wet. I first bought Meindl Sportwax two years ago, and I'm pleased enough with it that I wouldn't use anything else now.
Like most things German it is a bit expensive (search the net for the best price you can find) but I've found that this is offset by it going a long way, in fact I'm still on my first jar. Like Rhino, I use a cloth; I poke my forefinger out in the cloth, dab it gently on the wax in the jar, and rub it onto the boots.
Another plus I've found is that it seems to last a long time on my boots. I can do up to three day walks between treatments if the weather was reasonable. Even after my last walk two weeks ago, when I had to jet wash a thick coating of slurry off them when I got home, they'll be ok for another walk before I wax them again. And it seems to last longer on my multiple day backpacks, too.