I have tried it. It's certainly better than lots of other "miracle cures" but if you have a really heavily oxidized stem, I don't think it's enough to bring it right back.
The polish is sort of a cross between silverware polish and tripoli, and does a pretty good job. The wax is a solvent softened carnauba mixture. It's impossible to get it to shine like a buffed pure carnauba, but again, it's far better than nothing.
I use both products inside the stems of pipes I make.
If you don't have a buffer and tripoli polish and hard carnauba at your disposal, this kit is a reasonable second-best.