I've oosted this before, but ArmorAll really isn't a great product:

It can turn tires brown over time
Using on the steering wheel?...Well, you found out why that's no good.

But is also breaks down fabric stitching. I'm not sure about nylon stitching, but if you use it on anything with regular thread stitiching (especially if exposed to the sun), it will eventually disintegrate the stitches and ruin whatever you used it on.

I had a convertible that started to come apart at the seams because the previous owner (my grandparents ;)) use ArmorAll on it.

For nice shiny tires, I like the gel stuff anyway. What a shine! And inside, a damp sponge works just fine, drying everything off afterwards. Shiny interiors look cheesy, IMO.

I stop using Armor All a long time ago. Have used STP Son of a Gun without any problems. It's a little greasy and shiny like Armor All. But now I use McGuire's plastic, vinyl and rubber protectant. It costs a little bit more but it doesn't make your car too shiny and oily. It lasts longer and has UV protectants in it. As far as brake dust, I don't have much at all. My other two cars build up brake dust like there's no tomorrow. Soap and water works just fine for cleaning my wheels.

I would suggest either Zaino Gloss Enhancer (Z-6) $9.95 (http://zainobros.com) or possibly Wheel Wax $16 (http://tirerack.com). I personally use the Zaino because it's what I use on the rest of the car and it works great on the weels too. It has anti-static properties that almost repells brake dust and road guck.

I have about 2100 km on my P5 now and the brake dust is minimal, especially compared to my previous car (VW). That one generated surprising amounts of dust. It's a treat not having to wipe the dust off the wheels every other day.

As far as wheel-cleaning products go, I've never used or needed any. I keep the wheels waxed and then the dust washes right off, very easily. Even the dusty VW wheels were a snap to clean without spraying anything on them.