I've found that Mothers works the best for polising wheels especially with their powerball on a cordless drill. Makes easy work of my billet wheels and fork sliders. I tried the Bar Keepers Friend as suggested on this site and although it did a real good job of removing stubborn stains and spots, it left my wheels nice and clean but dull. I went back over it with Mothers and they almost look chrome when done. A lot of work by hand so if it's in your budget, i'd suggest investing in the Powerball, it's well worth it.
It holds up well from what I've seen so far. I've had mine for about a year and my wheels have some pointed edges near the tips of the Maltese Crosses on my E-Glide. It's a foam ball and although i'm not sure what wheels you have on yours, if it's really sharp, like enough to cut you sharp, then it may be a problem. Otherwise I would do the bulk of the wheel and avoid anything that would shred the ball apart and hit those areas by hand........ carefully ;-)
