Here's what I use.. Not sure if this is the usual for everyone or not, but I've used to good effect for a long time:
WD40:
Man I love this stuff- it's gotten to the point where I even love the smell! Yikes! This stuff is an excellent solvent- I spray it on everything and wipe off to clean and to leave a little bit of rust protection. Just don't get any on your brake rotors! I personally use WD40 instead of a soap-n-water bath, as I don't like to get water where I might not be able to easily get it out. WD40 is good with rubber too, and also plastics. But for cleaning a nasty grimey/greasy frame- good old WD40 is magic.
Novus 2 & Novus 3:
These are plastic polishes that I first found out about while fixing up old pinball machines.. 3 is course, 2 is for fine polishing. Use them kinda like wax- wipe on, and rub them while they are wet to take advantage of polishing agents. Then let dry, wipe off. They work wonders on plastic lenses of turn signals and brake lights, gauge bodies, side panels, etc. I even used the #3 as a compound on my gas tank- I hand polish only so as not to burn up any paint. Then, anywhere you used #3, go back over with #2 to polish.. Finally, I will go over with a protective carnuba wax on the tank and side panels.
Kerosene:
For the chain. I use a non O-ring chain, as I've heard that the 550 may not have enough clearance for the added thickness of an O-ring chain. Also it's cheaper, and if well maintained will last. To clean the chain, I take it off the bike, and immerse it in a tub with some kerosene. Using an old toothbrush, I scrub and move the links around, then when I'm done I pull the chain out and let it hang a bit to dry.. Then I heat up some 90-weight gear oil in a metal pan. Once the oil is hot, I put the chain in the oil, and again work the links around, ensuring the oil penetrates the links/rollers of the chain, and that the chain is covered. Then hang the chain to get the excess oil out (or blot with clean paper towels)..
**EDIT**-> Not sure if you'd want to use this if you have an O-ring chain, as it might eat up the seals? I always used WD40 and a toothbrush to clean o-ring chains, and then a chainlube made for o-ring chains (since you still need to lube the rollers where they contact the sprockets..)
Turtle Wax Chrome Polish (Or sometimes Brasso):
To polish/restore the chrome bits on the bikes. This includes the chrome rings on the gauges, the passenger grab rail, the chrome megaphone on my exhaust. Also would probably work well on the rims, but I haven't tried that yet.
**I DON'T USE** Armor all. Especially not on the seat or tires, as it makes these things slippery.