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I have used a product called NuFinish (chrome polish I got at Walmart) with my powerball. Worked pretty good, but the powerball will really sling the polish all over the place if you set the speed on your drill too high. Also, the powerball wouldn't get all the way into every area I wanted to get to, so still needed elbow grease. The main thing I didn't like about the powerball is that it is made out of soft foam and when you're doing thin edges (don't even have to be that sharp), the powerball fingers break off too easily - good for really only one use. Like me, you'll wind up with several of the metal studs it mounts to before you know it. Also, be careful not to apply so much pressure that the mounting flange contacts the wheel or you'll scratch it.
I've also used it on my wife's chrome plated plastic wheels - they cleaned up easily too, BUT with high speed and too much pressure applied, it's easy to accidentally burn through those thin plating finishes (ask me how I know).