Okay, after some research on this site, I finally decided to take a shot with the Watco Teak Oil on my . . . gulp, "neglected" cabinets. Yeah, I'm a bit ashamed to admit that I've never oiled my 120Ti cabs since they were new in 1991. I do have to mention that I was unaware that my wife was dusting them with a wet rag on a weekly basis for about 2 years before I realized it.

Well, Watco bailed me out. I decided to try things out without any sand paper or steel wool. All I did was wipe down the wood with a damp cloth before wiping on the oil with a micro-fiber cloth. I applied three coats of Watco, though the "after" photo shown here was taken after only one coat.
I was so excited with the results that I even updated my avatar!

Before Watco:


After Watco: