I think it smells nice. If you think FL is too expensive go to Ace Hardware and get some Super Lube.
I've used Ballistol and other CLP's. I much prefer to use a separate solvent for cleaning (I like Hoppe's Elite) and another separate product for lubrication. I don't shoot black powder, but I've heard that those boys and girls swear by Ballistol and some like Windex window cleaner.Bought some super lube, I want a CLP for cleaning purposes though.
Ballistol is great stuff. You'll find a lot more uses for it than just cleaning and lubing guns, although that's what I first got it for. Now I use on my garage door spring, chain and rollers, lubed an annoying squeak of a dried rubber bushing on the car, lube the fence gate locks and hinges. You name it Ballistol will clean it and lube it. (Well almost everything )