Works great for cleaning spokes. I agree that it won't polish heavily oxidized aluminum easily. But if you're just maintaining a polish, it works good.
I might have pushed mine farther than they expected by getting it bunched up in the spokes a few times, but it started ripping a little too quick for my taste -considering the price, which is kinda pricey for a cut up sponge on a stick. But it makes quick work of spokes, which makes it hurt a little less.
I don't know if I want to open a can of worms(oil thread anyone?), but I'd like to hear input as far as the best polish folks have found.
The best polish I've found so far is Eagle One Nano-Polish with anticorrosion.