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WD40 is primarily a moisture-displacement product. It will lube a little bit, but in my experience, it doesn't do that very well and what little it does doesn't last long.
You're much better off with a lube that is made for firearms and/or cutlery. BreakFree CLP, Militec, CRK's flourinated grease, Tuff-Glide, MMC... all of these work very well to lube the moving parts and protect the metal.
3 in 1 oil certainly won't hurt your knives. Where do you guys get this misinformation?