I've lubed two novatouches w/ the red lube from elitekeyboards.
truthfully I don't know how much it really effects things- I suppose it's a little bit smoother. I only did it because I was also adding hyperspheres and figured I'd kill two birds w/ one stone while I had it open. I can't say it's really worth it to just lube topre unless you've got time to kill- others might disagree.
I don't think there are really any negatives, except if you end up using a lube that drips and causes corrosion on the domes.
I can't find the guide I used, but it's as simple as using a little paintbrush and applying some lube on where the sliders connect, I didn't use a lot but you could tell it had an impact immediately because the sliders weren't just moving w/ gravity anymore.