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The best thing to do is get them chromed.
I don't like the chrome look. I don't know why - I guess I think it's just too shiny. Anyway, like you, I decided to polish my wheels.
First off, let me tell you that it's not as much work as people make it out to be. Second, you never HAVE to use sandpaper if you don't want to.
Right now, I have my rear tire off the bike and I've been working at it for several weeks now. It's been several weeks only because I'm in no rush to finish and I've devoted only about 1 hour / week to them (school, work, etc.). Also, I've been experimenting with several methods to see what works the best. When I finish, I was planning on posting pics and procedures.
So far, I don't see why everyone won't polish their wheels - it hasn't been that painful. If you can hold off a little longer, I'll post everything I've learned about the process, plus I'll show you the end result.
Joe