I've been using the cream wax now for over a year and I really like it. I put it on all my hard (esq) cheeses and wax or vac pack some time later those that I don't want to loose too much moisture with. My cave can sit around 70% so I try and plan based on what moisture loss I am OK with before or if I bag or wax. Like others have posted, just think of it as a more controlled or slower moisture loss cover that keeps the mold at bay (for a while anyway).
Based on Herman's and Boofer's postings and advice, I use three coats of cream and go from there. For some of my longer aged wheels it seems best to just keep it like that and let a dryer rind form under the cream over time. For the colby style, I want to bag it after a few weeks so it doesn't dry out too much (my dad likes it bland and moist). Boofer lets some of his wheels sit for a time and then vac bags them to cut moisture loss. He has postings where he let a natural rind develop, cleaned it off and cream coated it for more aging (for no more mold development) and then bagged that for long term aging/storing. I have two wheels that are about 3 months old that are showing some "dusting" on the surface. I'm thinking that is partly the moisture that is escaping and some calcium/salt with it.
Nothing special in the application, just pretend you are putting on a light coat of thick spar varnish. Two or three thin coats should do. Room or cave humidity and temp can make the drying time between coats longer or shorter - just like painting your house. I sit my wheels on an upside down empty plastic tub and paint the top and sides, allow to dry 8 - 24 hrs and repeat for thee coats. Flip and paint the bottom in the same manner. I've been using only the clear product so far and it is like painting on thin white paste yet dries clear - which helps to determine when it is dry. Once you put on your first coat, you'll get the hang of it quickly.
The cream is water soluble so clean up your brush and whatnot with warm water.