Hi Red,
I've bought some before and it was just too thin a lubricant to be useful for what I wanted it for (lubricating motor shafts and turntable bearings). I just continued to use Mobile One synthetic motor oil and the "Liquid Bearing" just sits on the shelf along with about 20 other lubricants I experimented with. For thin oils, I use "Zoom Spout Turbine oil" and it seems to work very well. Thinner oils have a tendency to migrate to areas where you don't want it.
The one place that I do think that this oil is useful is on plastic gears in things like laser sleds in disk players. I use a tiny paint brush to apply a "film" on the nylon gear teeth and it seems to work well there.
If you're considering using oil to rejuvenate ball type bearings, my experience says that that's a waste of time. Of course, someone told me the same thing years ago but I still had to find out myself. Bearings wear and no lubricant can make the balls round again or the races smooth. They should be replaced and not fixed.
So, is it the "real deal"? I guess it depends on what you wish to use it for. From my experience, there's no magic lubricant.