So I was about to pay to get the lips redone. But I found some info on 5series forum:

You will need:
1. Aircraft Clearcoat Peeler (great product!!!!)
2. 400 (if your lip is bad)1000, 1500, and 2000 grit sandpaper
3. Mag & Aluminum Polish ( I used mother)
3. Hose and bucket of water
4. Lots of towels
5. About 1-3 hours of time per wheel

I didnt take a pic of the worst wheel. But here are some before pics of the other ones. They where actually worst shape that the pic shows.







After:




You want to cover the center and spray with the aircraft spray. Then leave for 5-15 min. Cleat it off. And wash it off with water.

Then the sand sand sand!!
I used 400 because of curb rash and salt eating the lip. Then went to 1000, 1500, 2000. Make sure its wet when you are sanding. What you guys think?

I have to get a pic of them all 4 done.

 

Definitely better than before. I do presume exposed alloy to oxidize at a significantly faster rate than it did when it was clearcoated...

 

Im going to give it another sand and then clear coat it just for that reason. But if you wax it often you should be fine.

Plus that happened when it was in NJ with the salt. Here in NC should not be too bad

 

The look is better and cleaner than before...