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For me, and YMMV, they are very smooth but not quite as sharp. They give a great shave without irritation, as much as I like them I find the 7 o'clocks can be a bit much for my skin if I use them...

Shouldn't be a problem, as I understand it baby oil is just mineral oil with an added fragrance.

I've not had a problem with coated or stainless steel DE blade rusting so I'd say just let them air dry. I can't see a problem with patting them dry but why bother and the more time you spend...