I just found the instructions for my ancient Makita HR2400. They're dated June 1995! I really ought to get round to reading them properly one day...
... but it says this about grease:
Bit Grease
Coat the bit shank beforehand with a small amount of bit grease (approx. 0.5-1.0g). This chuck lubrication assures smooth action and longer service life.
For a long time (probably 15 years) I did nothing of the sort. I used it with conventional SDS bits up to about 22mm (for plumbing), and a couple of chisels (aside: worth keeping these as sharp as possible on a grinder - vastly reduces the effort needed in use), and diamond core bits up to 120mm diameter. It's occasional amateur use, but intense when there is a job to do.
It got loaned to a friend working on a church rebuilding project, and came back ridiculously clean, but with everything greased. This isn't entirely helpful, as it now has the propensity to spit said grease out (and if the chuck is rotating it goes anywhere/everywhere you don't want it to, for example onto bare plaster - it's not always being used for demolishing Roman ruins!).
I can't tell if it makes an operational difference, except that I can no longer just put the bits down anywhere I feel like it (they haver to go on old newspaper), and they pick up brick dust in a manner similar to iron filings and magnets. The latter really can't help any wear on the chuck! And I have to either wrap the chuck in sticky tape, or shove a yoghurt pot or similar over it, to catch the ejecta.
So Makita says "grease" unambiguously, but in practice it's a confounded nuisance.
... Hmm. I just realised I probably haven't contributed much to the discussion (
Plus ca change).
E.