There are a few things that can be used to care for leather items 

Saddle Soap: More of a wax than a cleaner and if used for too long it will leave a permanent odor. It also has been known to darken the leather in color. 

Most seem to recommend: 

Mink Oil: more of a preservative and a conditioner, comes in pastes which can be very nicely scented for an added little bonus, and it streaks under water preventing absorption by the leather, it also makes the leather more supple. 

The Tandy Leather Company sells a product called Leather cleaner and Conditioner. It is very good for cleaning and conditioning your leather items. 

Suede items: There is a suede cleaner spray, usually found in a good shoe store, which can be used to seal and protect your suede items. It will not change the color of the suede. Nor will it change the feel of it, just apply, brush it off and you're ready to go. 

Basic reminders for leather items: Do not store them in moist areas and do not get them wet. If you use water on the tips of a leather whip be sure it is well protected before hand, and cleaned thoroughly afterwards. Store your leather items in a cool, dry area. It is best for whips to be hung by the handle with the tails hanging down, rather than folded up in a drawer. This keeps the tails from becomming stuck in a folded position. 

My thanks to mizu, lil`dragn and Master StormRhydr for thier assistance in compiling this information. Please feel free to email me any tips that I have left out. I will be glad to add them to this page.