Devs have their own version of new oil. I think it looks more like oil than what the currently have and more like oil compared to featherds version.
That being said, I did an experiment with some flying goggles and used motor oil sprayed through a spray bottle.
The result is that the oil drops themselves are "invisible" to the eye due to the distance the goggles are from your eye. You cant focus that close which makes it more of a blur in your vision than a particle that stands out. My own feeling was that it should be something more like stationary rain drops that ROF currently uses, only in smaller droplets.
The oil doesnt pool thick enough to prevent it from being very translucent/almost transparent, so its not necessarily oily looking. 777s new oil effect does capture that bit of translucent effect which is nice.
The community has made enough noise on this one for a change to be in the works, so chill for a little and see what comes out of it before you demand to have Featherds (though it is pretty) oil mod in game.
great news chill, thanks