Phil Landis, Lubegard's CEO, had been one of Mobil Oil's lube research honchos prior to retirement - credentials that hardly qualify him as a snake oil salesman. I used the Lubegard "black" with Dexron III in a '96 Honda. It seemed to tame that transmission model's tendency for harsh upshifts, but the car was totaled in an accident before I could draw any firm conclusions. My current car will be coming up for its first (15,000 miles) fluid change. I'll go with the manufacturer's SP-III ATF requirement since the car's under a 100,000 powertrain warranty, but I'll also be adding 10 oz. of Lubegard "red".
Note to 1sttruck - Lubegard "red" has no friction modifier content as do "black" (Asian trannies), "green" (Ford Mercon V trannies), and "platinum" ("universal"). I doubt there is much risk of slippage with "red" as far as the AT's clutch materials are concerned as long as you use it in conjunction with the tranny manufacturer's designated ATF. Think of "red" as an ATF stabilizer and metal antiwear ingredient rather than an ATF specification modifier.
Question for Elroy the Unique - Why would you even consider Mercon V in a GM automatic transmission?