Ever seen how dressage (horse ballet) riders care for their gear? All. The. Time. I'll clean my jacket and helmet sometimes (if I have a date or something), oiled them once in the last 6 months, definitley time for another. I will say the jacket and gloves felt great after oiling them.
I used this stuff. Rub it in, buff it off. Feels really nice afterwards.
Pecard
Ferret, you'll wash the bike but not clean you gear? Sure, maybe bug guts help...
No need to be anal about cleaning it, but leather get brittle when dried out, that's not good for protection. Plus it's expensive enough, I think it's worth taking care of.