Pros: works on ANYTHING
Cons: melts when left in your car
This was a mainstay in my home when I was growing up, and when I left for college I took about 6 jars. I use this on everything- of course, chapped lips, stuffy noses, minor aches but it has a million uses it isn't indicated for.
I don't have a problem with dry skin, but I do, for some reason, have a painfully dry and sore nose during some parts of the year- to the point that it cracks and bleeds inside. The only thing that works to fix it is mentholatum. Smeared below or just inside the nostrils, it keeps my nose moist for about 4-5 hours at a time.
I in no way speak as a medical professinal saying this, but my family has found it useful for sore muscles, minor rashes, healing wounds (like, with a scab, it seems to sooth the urge to itch) and to sooth skin in general. (I use a Sally Hanson cream hair remover for facial hair, it always left a very light red inflamed area after being wiped off, I tried everything to get rid of it, and finally foudn the old favorite- smearing metholatum on it clears this up in about 20minutes instead of the 12 hrs it used to take)
I also highly reccommend the lipbalm they started selling a few years ago- it's sort of a mentholatum "light".