When machines sit idle with coolant on them, the water can separate from the oil and cause rust. That's why I've never been a big fan of water based cutting fluids of any type in the home shop. They are fine for production work because the the machines are being used constantly and maintained regularly and don't sit idle like at home. If you do use it, make sure everything is dry and oiled when you are finished. That includes any of the slides where cutting fluid may have seeped in, like the cross slide on a lathe. For cutting and tapping in steel, it's hard to beat a good sulphur cutting oil.
If you are just looking for something to wipe down the machines, I use WD-40. It will dissolve any built up goo, keeps the rust down and makes the finish shine. WD-40 also makes an excellent cutting and tapping fluid for aluminum.
Tom