Search Google.
http://www.google.com/search?hl=en&safe=off&q=Armor+All+degrades+rubber
From another forum, "I've heard the same thing and was informed by a specialty auto shop that Armor-all contains petroleum distillates...which breaks down petroleum-based products like rubber. A tire dealer told me the same thing and said not to use it on tires, especially, as it will rot the sidewalls. But I'll leave this discussion to the chemists here."
Another interesting read.
"Armor All? NO! There are processing and protective additives already formulated in the rubber compound. Putting Armor All on your bands will protect them, but it also replaces those compounds already there - and if the compounds in Armor All were better, they'd use that in processing. The compounds in Armor All and other compounds (silicone oil included) will swell the rubber. What does a swollen rubber mean? (Well, have you ever used a condom with a petroleum based lubricant?) Swollen rubber is weak as the chains on a molecular level are stressed even more, relaxing the physical crosslinks, allowing more stretch with less resistance, and premature failure.
Silicone oil, in addition to swelling the rubber, is extremely permeable to oxygen - oxygen doesn't even slow down when it hits silicone. This means that using silicone on your bands will swell them, weaken them, and provide no barrier to oxygen. There are some commercial bands available that are rubber with a thin silicone rubber coat over top of them. This coating does nothing to stop oxygen. Silicone also has a very poor tear strength - once a nick starts, it propagates very readily. The silicone coating is bound to the rubber - so when it nicks and tears through the coating, the tear is introduced into the underlying rubber more easily. There are also bands out there that are coated with polyurethane, and these are more durable and offer extended life, though I'm not sure which brand uses which.
I will be the first one to admit, however, that I use silicone oil and acetone to swell rubber and make bungee's with it - but those are easy enough to make that replacing them often isn't a problem."