I use Meguiars too.....and it is a bitch the first time around, but there is a technique that works for me and I will share it with you.
First off Meguiars gold class leather cleaner & conditioner is very good stuff....my leather sops it up like I sop up an ice cold beer on a scorching hot day.
The technique is to apply a generous amount of leather conditioner on the side bolsters of the seat first...work it in good and re-apply...once you have worked the leather conditioner into the sides use the cloth you used for the sides on the perforated sections WITH OUT re-applying more meguiars. The cloth should have enough residue to coat the perforated sections. Make sure there are no globs of it on the cloth before you start.
I know this may sound kind of strange, and yes lexol is much easier to use, but until I use the Meguiars up...this will do.