i use sno-seal as well, and it is beeswax based (it pretty much is just plain beeswax). it takes awhile to get it worked in properly - if you just grab a new pair of boots and treat them once, then go out tramping around in slush you will probably get leaks. this is generally what happens to people who post in forums saying 'beeswax doesnt work'.
i start treating my boots long before winter, and once youve worked in several good coats it holds up very well. the first time you treat them, rub a thick coat in with a soft cloth, making sure to go over all welts and seams, working it in with your fingernail through the cloth. youll notice that you can see the yellowish wax building up on the seam - i get out my zippo and lightly pass over it to warm it till it runs into the seam and is wicked up a bit (you have to do this quickly or youll end up lighting your seams on fire). i let the stuff dry, then i go over it again and repeat. the third time around i just rub the wax in - no need to heat it up. after that i just reapply a light coat now and then.
this seems to work well for me. if you start in summer, when its hot, and wear your boots on long hikes, it seems to work into the leather far better. most people around here start waterproofing after the first snowfall, and by then its pretty much too late - the ice cold wax just doesnt bond very well.
ive used silicone treatment sprays, but i find these need to be reapplied often and they do not work on leather very well. i use them on my half leather/half rubber snowmobiling boots (theyre sortof like a 'ducky' style, with the lower part rubber and uppers of leather). i just spray the hell out of them before i go out, and make sure i get plenty in the seams. (id recommend beeswax for leather hiking boots though, and silicone for synthetic boots) ...in winter you have to spray the silicone inside (you cant spray it outside in -40 degree weather) and it stinks like hell.
also, learn from my mistake and spray it over a lot of newspaper -- i was in a hurry once and just held my boots in my hand and sprayed them standing over linoleum, then i nearly broke my neck over the spot on the floor as i walked over it with socks. it took a lot of scrubbing to get it off. this stuff is *very* slippery, heh.