Never used Cosmoline. I use Fluid Film. Looking around, there are people who are for or against both. I can tell you that my '05 LJ has been in Minnesota since 2012 and doesn't have so much as a rusty bolt.
I don't have any gripes about Fluid Film. It works well and the odor goes away after a few days. Whatever you use, after the first snow/salt event, get underneath to look for salt residue and spray over that area. It's been my experience, at least with Fluid Film, that it's better to coat and re-spray rather than going through the car wash repeatedly. As long as the metal is coated, the salt won't get to it and it and you won't get that chemical reaction that leads to rust.
I've also plugged the holes in the outer frame rail so that water, salt and debris don't get inside.
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