Product review (5 stars): Does what it says on the label.
It does what it says it does.  It does it easily, and works exactly as you'd want it to.

One tip:  If you've got a lot of those stick-up "spikes" on your rack that all have the tips worn down on them, I found the easiest way to get a good result was to suspend the rack upside down about a foot over some newspaper, then just hold the bottle upright under each of the spikes (which now point down) and raise the bottle up, dipping the end of the spike into the bottle.  You can quickly go from spike to spike that way and by dipping you ensure a fairly uniform coverage.  Gravity helps the end form as a nub of thicker coverage at the end as well, which is very effective.