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I would say it's about the shiny chrome. I would say you need something a little more abrasive to take off oxidation. It would probably take care of the water spots though.
+1 on the master formula as well for me. I purchased it when the international motorcycle show was in town and I was a little skeptical at first but bought it anyway. Polished the rear wheel on my fxstc and I am sold completely. Best stuff I have used and easy to use too. Tried the sealer gloss and will see how long it lasts too. Great looking Deuce by the way. Got some more polishing to do on mine but with this stuff it should be a breeze.