Haha good topic. I learnt the too much grease problem the hard way.
I will admit I do like grease, shitloads of it. So when I changed my wheel bearings I whacked a good dollop in the hub locking assy. Bolted her up and it would engage no worries but disengaging was not gonna happen. When pulling the faceplate off the slide mech had hydro locked itself in the grease! Needless to say I pulled it all out and went with a smear

. Also when I assemble the inner and outer casings of the hub I put a light smear of RTV on gaskets to keep that nasty water out of my new bearings/hub.