Product review (4 stars): Pretty Good
It's not perfect - a little rough finish - but if you prepare the rack carefully it does a reasonably good job. I cut away any plastic near the rust. Then I sanded and used a metal brush wheel on my drill to clean it down to metal. Then I treated the bare spots with Loctite Rust Neutralizer and let that dry for a couple of days. Finally I laid on four coats of ReRack with a day between each, let the whole thing dry for another two days, and Voila! It's much better than before, and the rust has stopped. It would be nice if there were a product that created a smooth finish, but this does the trick.