I used it on our silver Acura RSX, which has good paint but multiple stone chips of varying size. It colors the chips, but does not fill them, so they fade from view at some angles, but remain visible at others. I would rate the results as okay, but not great. The process is not difficult, but is tedious. I spent several hours picking out all of the chips.
Now one product I have used, and both my wife and I were impressed with the results, was the Meguiar's clay bar kit, which resulted in a noticeable improvement to the paint finish. I even plan to use it on the pickup truck!