Bit late to the party here... I've been an advocate of mineral oil for some time but I'm losing faith in it. There's nothing quite like cleaning and drying a brand new custom knife made of O1 steel, giving it a light coat of food-grade mineral oil, wrapping it in Saran, placing it in the sheath and shipping it to the customer... only to get back pictures of it with spots of black tarnish all over the blade.
Three things to keep in mind in this instance - that's the first time this happened to any of many, many knives I've shipped, O1 is one of the most tarnish-prone steels I know of, and I'm sure that I must have either left some residual moisture on the blade before oiling, or the wrap failed, somehow allowing contaminants to contact the blade. Luckily for me, the client didn't care - she choose carbon steel partly because she likes her knives to develop a patina. But still, it's alarming. People pay good money for my work and I feel they have a right to expect to receive their knife in mint condition and ready to use, without having to clean it.
I insist on a food-safe protectant; I see no reason to restrict a knife from being used on food. (in fact when we designed this example, the client specifically stated she wanted an EDC that she could whittle with, open mail and whatnot, and slice sausage and cheese for her lunch - which I think is almost the perfect definition of an EDC.)
Anyhow, looks like I'll be ordering some Fluid Film to try. I'm certainly open to other suggestions.