Cosmolene is/was a rust inhibiting coating used on metal components, according to one site I looked at, but not a lubricant, per se.
The OEM shocks were rubbish, but you wouldn't really know that unless you've tried good quality shocks like Koni/Ikon, Boge, Ohlins, Marzocchi, Works Performance, Hagons etc.
When people talk about the "hinge" in the frame on our bikes, the OEM shocks were largely responsible. A previous poster mentioned good tires, steering head bearings, swingarm bushes, fork oil and springs etc, and all those things will definately improve the handling, but of course, the OEM shocks will let it down.
If anyone's ever attempted to rebuild an old set of shocks (I've done a couple of pairs of Koni's, but of course, the OEM items aren't rebuildable) they'll know that the original damping oil has quickly been turned into rusty sludge after as little as 5 or 6 years, so with no damping, they're virtually riding on pogo sticks. Multiply that by 5 times, and that's how good a set of OEM shocks really is, and they weren't much better when new.
Sadly quality shocks cost money and some folk will buy cheap poor quality Asian after-market shocks to replace their poor quality asian OEM shocks, but that's just silly, they'd be better spending it on beer. Don't buy 20 year old Koni's either, (pre 7610 series) you'll be lucky to get them apart, and if you do, you probably won't find parts for them, and they'll be so gunked up with old sludge that they'll be useless anyway.
I've no doubt that some of the posters here are being loyal to the OEM shocks on their bikes and that's admirable, but I'd bet money that if they tried a quality after-market shock on their bikes, their attitude would change markedly. Cheers, Terry.