I actually just picked up a box of this stuff this weekend. Comes in 2 cans; 2 steps.
I spray 3 pairs of my shoes and used about half of the first can and 3/4 of the second. Second can calls for 2-3 coats.
So far, water repels off like crazy. Slightly decrease in breathability, not that bad with just walking around in them. Turned my brown leather boots bluish/grey then when dried, left a white crusty/powder layer. On my white shoes, it was completely fine.
Also applied it on my brown loose fabric slippers, no noticeable residue. Very water repellent.
The coating does come off if you rub it off and eventually, it will become less waterproof.
For those of you that say its similar to DWR or similar products... you are dead wrong!
The never wet coating repels on all angles of the water bead unlike the DWR coating with only repel at lower angles.
http://www.neverwet.com/product-characteristics.php
water runs off, like it was never wet... <--- lol
Excuse the grammar and poor sentence structure... just ask me if you have any more questions.