You really only need to clean the chain thoroughly once - forget the ultra sonic cleaner, just take a couple chains to your LBS and ask to use their parts cleaner (helps if you bring them beer).
Much more economical and efficient to wax multiple chains at once - I do three at a time and rotate every 400/500km.
Assuming you wipe down your chain occasionally with a rag, the waxing process is also the cleaning process. Hot wax infiltrates everywhere and cleans out the grit - just put a bit of mesh at the bottom of your crock pot to keep the grit away from the clean wax.
MSW is the go. You can use paraffin wax and add Teflon and PTFE powder but is it really worth all the effort when a company already makes a ready made bag for you?
Once you wax you never go back. Blah blah it's more efficient - I love it because it stays clean, reduces wear on components and doesn't wash off in the rain.