Have you used Odie's Oil? I really like it a lot, and it's very easy to use. The key thing is to use less than you think and to buff it off (like you would with car wax).
It's not cheap, but it's my preferred combination of luster, depth, natural appearance, and ease-of-use. If you like a slightly richer-than-natural look, try Odie's Dark Oil. It's not really "dark," but over time the finish becomes darker and richer.
I'm in the final two days of building a pair of CSS towers from solid mahogany. Using scrap pieces of the wood to test a range of finishes, I finished them in Odie's Oil, Danish Oil, gel stain, regular penetrating stain, Howard Feed 'N' Wax, and satin polyurethane. The Odie's Oil finish was preferred by everyone I showed the samples to. I also measured each piece and then kept it in our bathroom shower area for two days to see if it was adequately protected, and the Odie's performed well, showing extremely minimal expansion (granted, it was quartersawn African mahogany, which is very stable).