Yes, i have tried this. I tried it on my mum's 10 year old extremely faded red Suzuki Liana as a test first. Her poor car has never been waxed or polished its whole life and has lived outside, never garaged
. The paint work was extremely faded, all the plastic panels and mirrors were flat pink in colour and very rough to the touch.
So i spent about 2 days in my garage cleaning it all by hand, no orbital polishers, using Meguires foam applicator pads and micro fibre towels. First a quick clay, second Meguires Ulimate Compound, third a polish with Meguires and lastly, you guessed it, a wax with Meguires (i actually waxed it twice!).
After every stage the paint work became better and better. I was truly amazed when it was finished. Every panel looks a brilliant deep red now and feels like glass. My mum was very happy!
One think to note when using the Ultimate Compound is that you must only do small areas at a time and remove it straight away. This is becasue the Compound dries very quickly and becomes hard to remove unless you re-apply it.
I used it on my Red NA mirrors and front bumper which were slightly faded in places and now they look like brand new.
So give it a go, and maybe try it on old car first if you can.
Cheers
AK