Ballistol is actually very good at being a CLP as designed, but I agree there are better products out there nowadays (especially for Modern Sporting rifles like AR, AK, etc)... and it's isn't all that cheap. Hoppes 9 bore cleaner (my preferred bore/barrel solvent) is MUCH faster at cleaning. Apply, agitate, wipe... good to go. if it's super dirty, a second application or extra elbow grease on agitation makes it clean enough by my standards. Something like Ballistol requires you to spray, walk away for five minutes, agitate, wipe, see how it looks, perhaps repeat all over again. As a lubricant, I think it depends on the application. For an MSR, they get so dang hot that something like Ballistol will flash off pretty quick since it's primary lubricant is just basic mineral oil... meaning you'll need to be reapplying fairly consistently. For hunting rifles, revolvers, etc... it would work just as well as just about any other lube in my opinion (lower rate of fire = lower heat). As a protectant - it works great for me. Just keep the firearm wiped down a few times here and there... no rust.
On a side note - it's also non-toxic and biodegradable (if that's important to you), so it can be used on more things than just a firearm. I use it on my gardening tools, gardening leather gloves, lawnmower, etc. Does a great job keeping the parts lubed and rust free.
I guess to summarize - if a basic CLP is what you're looking for, Ballistol will work every bit as well of just about any other basic CLP. There are "better" options out there for sure, but diversity of use and non-toxic nature is worth enough to me to keep a can of it around. CLP's by design are a "one stop shop"... which by nature will be "good" at everything, but often not "great" at anything.