Zombie thread, back from the dead...
I put this stuff on my wheels a few weeks ago. I like it. I like it a lot. The trick isn't that the dust doesn't build up - it's that it's SUPER EASY to clean it off. Just hose it off and it comes off. You just have to make sure you don't wipe the armor all off - once you wipe the wheel AT ALL, you have to re-apply it. After applying it to my wheels and letting it sit overnight, I saw streaks and started to wipe them off - DOH! Oh well, good test, right? After about 2 weeks, all my wheels are pretty shiny except that one spoke where I wiped it - that spoke is covered in brake dust.
One warning, tho. Since the dust doesn't stick to the wheel anymore, it comes off REAL easy... after it rained, I couldn't figure out why my white car had BLACK WATER SPOTS all over it. It occurred to me last night that it's the brake dust getting flung off the wheels after getting wet. That should tell you how well this stuff works lol!
Also, they've changed the name to something else (I don't remember the new name, but it has a pic of the old can on it with a "new name, same great product" type endorsement), and it's a bit cheaper now (I think around $7 at wally world).
Anyhow, that's my endorsement. Hope it helps someone.