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Best late model headlight restore system I've seen, is the one made by Sylvainia. It's a series of wet sandpapers, and polishes, followed by a brush on clear coat. They have a how to video on their site, and mention it's also good for tail light and side marker lenses.
I'd check your lenses very closely for hairline cracks. My tailight lenses were also very faded, but on further inspection were also cracked. It made the decision to replace them that much easier. Beleive me, I would have loved to have been able to polish them out instead. If they're not cracked, I'd recommend Meguiars plastic polish. I've used it many times with good results.