PEPS, Fender potted most of their pickups in wax, but they also did a number of them in lacquer. Lacquer is okay, but it doesn't penetrate as well as the hot wax does, and it's harder to repair a pickup that's been lacquered because you can't peel them for repair ("peeling" is unwinding the layers of copper wire to find a break in the coil or a spot which is rusted or corroded. Rusted steel, corroded copper, or a combination of both, are the most common causes of dead pickups, or pickups which die a slow death.) Wax-potted coils unwind nicely, unlike lacquer-potted coils which might as well be glued together.