Chemistry, again?! *LONG*
Scott in Douglassville, PA
>Ok, like Sir Bob above, I was figurin' that it was hype (Highland Hardware makes some statement that it was a traditional treatment used by samurais, for example). Most of the literature on the Internet that was elicited by a google search was heavy in the homeopathic/health food vein, so little help was afforded there. I did, however, find a link of particular interest.
Camellia oil is high in oleic acid (I've seen reports of up to 85%). Oleic acid is a naturally-occuring fatty acid. The reference I found, summarizing some research by a biologist at the University of Houston, suggests that oleic acid shows a tendency to bond to steel. When solutions containing oleic acid were prepared in a steel container, up to 95% of the oleic acid adsorbed to the steel.
Now, why this seems, on inspection and at least intuitively, of significance here is because fats tend to be strongly hydrophobic. Treat your steel with oleic acid, and (again, intuitively) you should be depositing a layer of fatty acids which should repel water. I'm sure it's not an abrasion-resistent treatment, but for storage, it might be worth trying.
So, where're you gonna get some oleic acid? Well, that nifty camellia oil certainly would work. However, there are some easier, cheaper sources. Olive oil has between ~55-85% oleic acid; canola oil, ~63%; peanut oil, ~35-72%. Because of the health benefits from high oleic acid oils, specific varieties are being bred to maximize oleic oil content.
So, I still agree with Sir Bob - there's a hype engine at work in regards to camellia oil. However, there may be some science (specifically, my friend and yours, Chemistry) backing up some of the hype. I'd be inclined, however, to try the much cheaper olive oil sitting in my kitchen as a steel treatment. For what it's worth...