I've used the teflon spray on my cross bike before, especially when it was new, it seems to keep the dirt away for a short period of time, but only a few days. After that it's back to the usual dirt and moisture build up, what seems like more than you can tolerate when you stil want your bike to feel shiny and new. I wouldn't say it's worth the trouble if you're already going to spend the time to rinse the frame with water and a towel.
It will help, but don't rely solely on the teflon spray to keep moisture out of those hard to reach places, cable housings and other such crevices where you don't want water to hang out.