Right now it is just clean the dirt off, there are some pits/stains/dirt blobs stuck on there, so some 220 grit to knock all that down, then I run it over with some steel wool just to get it all down to where it is "smooth".
Next up will be wetsanding with 600/800/1200/1500/2000/2500 and then hit it with the polishing ball.
It takes 5-6 hours or so per wheel, so it takes a while to get them back to looking like what is on my wifes Jeep... but the nicer they look, the more $$$ they bring.
cb