Jeff, pay no attention to those guys behind the curtain! Sorry, I watched the Wizard of Oz last night...
Yes, Liquid Sandpaper is a bit of a PITA because you have to shake the bejabbers outta it, but it works great when used properly. I've used Ebonite's Quick Sand (since replaced by Matte Finish and Sand Blaster, I believe), and it's nowhere near as good at removing polish and roughing up the surface. Liquid Sandpaper is just that, sandpaper in a bottle.
And it doesn't get all over the place if you screw the dispenser cap on properly, and keep your finger over the top of the bottle as you shake it, the way they tell you to on the bottle.
Bottom line, Liquid Sandpaper is great stuff, IMHO. And yes, when properly mixed, it's a muddy brown.
If you like to go back and forth between dull and polished on the same ball, LS and Renew-It make a great combination. LS takes the shine off (does a great job of cleaning, too), and Renew-It puts it back on.
Now go bring me the broomstick of the Wicked Witch of the West!
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seadrive
Cogito ergo bowl