In a nutshell: DON'T spray it into the printer, just rub some on the rollers... Now read on...
I just discovered this "fix" a short time ago, and I'm glad I did. A couple of months ago (maybe 3?) I changed the tray feed rollers in a maybe one-year-old business-class HP LaserJet - wasn't feeding reliably. Used new HP-branded rollers, and guess what? The paper feed issue remained. Sprayed some WD40 on a paper towel, rubbed it on the rollers, waited 2-3 minutes for it to "dry" and tried printing again. Worked right away, and still is.
I have now "repaired" several laser printers in this way with absolutely no ill-effects. What's more, the printers are still feeding paper OK.
So for the naysayers, I say "go for it." To me, it's seems like a good short-term fix at the least, but also a possible long-term fix for many problems such as these. And of course, re-treatment as needed is always an option.
The WD40 appears to permeate the roller material, and make it more pliable and just "sticky" enough that the roller does what it's supposed to do, which is.... wait for it.. feed paper.
YMMV, but I'm confident of this procedure, at least with respect to it doing no harm. I would be interested to hear from anyone who's had a bad experience doing this.
And the usual disclaimer... I take no responsibility for any damage you do using WD40, but I have a hard time envisioning such damage. Heck, you could make a bad roller worse (I still doubt that), but then you're probably no worse off than before.