Yes oil-based contains oils and butters that feed and condition the skin. Yes oil-based has a different feel and action to Yes water-based, it is a long lasting lubricant and it is a conditioning skin food BUT it cannot re-hydrate or moisturize tissues as it contains no water.  Unlike synthetic oils (Silicone: dimethicone or cyclomethecone and Petroleum derived oils: Vaseline or petrolatum) which smother the skin and are hard to wash off, the plant based oils and butter in

Yes oil-based are gently absorbed and do make dry tissues more supple.

Yes oil-based is a thick cream at room temperature and a lovely smooth liquid at body temperature.  Depending on the warmth of your room, you may need to warm it up in your hands first before you apply it.  If it is really cold it can be hard to get out of its bottle.

Yes oil-based is not compatible with condoms, all oils (natural or synthetic) seem to dissolve latex which rather ruins the point of wearing a condom.

Yes oil-based works brilliantly as a massage oil leaving skin feeling supple and healthy.  It has a very slight taste of chocolate, due to the cocoa butter.