Brian, my observations as well. I use Pecards too, sparingly though. I've got helmets that I put some Pecards on around the leather rim edge and on the chinstraps probably 15-25 years ago. Nothing changed much other than the flaking and drying stopped, the color is about the same.
The school of thought against Pecards is that some of the chemicals in it will hasten deterioration of the leather by affecting the fibers in the leather itself. I've busted my behind trying to find some definitive evidence of this, or scientific analysis, or a study beyond opinions. Much of the internet forum discussion on this is not like this thread, it's just the parroting of what someone said someone said, like the comments of people who sell Pecards (which I posted in this thread). I put more weight on the opinions of people like Mike, professional (and I mean professional) museum curators who have experience in this area and want to do what is best, regardless of what Pecards or anyone else thinks.
I think that until someone can do a definitive study, here is where I am: Best to do nothing and store properly (light, temp., humidity controlled, minimal handling). If you are going to handle and flex things, and in some other instances, such as flaking and cracking wear, a light amount of Pecards may retard drying and make leather more flexible, less subject to wear, flaking, and damage. I've got a tub of Pecards that I use. I think I bought five tubs of it in the early to mid 90s. I gave three of those to friends. Of the two I've got, the one I use is about half full.