Rob - remember that I had sticking calipers at the rear when we met last week? You recommended the WD-40 thing to me, but I just let my garage use their own rememdy, which is basically as people have described here. It worked very well and saved me the price of new rear calipers.
Im very sceptical about applying WD-40 to anywhere near the brakes. On mountain bike disc brakes, any WD-40 or similar penetrative lubricant will contaminate the braking surface and the pads. This really buggers up the braking performance. As you can imagine, this is common as people often spray a lubricant onto the chainweel, which just is on the other side of a relatively thin hub from the disc and caliper - and they get all the overspray. Like Maff says, WD-40 also thins the grease.
OK, so you can take the pads out, but removing the disc is a lot of effort and I can see the WD-40 contaminating it. So even if it does cure the problem, itll create another problem! Apply with care!