I'll give you a little step by step process. It's not very complicated, but I'll go ahead and tell you everything I know about this so far.

For a more concise description: see this Eurobricks thread: [ www.eurobricks.com/forum/index.php?showtopic=76744 ] The third post describes the process in the simplest way.

You will need
# Pledge Floor Polish ( other brands will likely work fine, but I haven't used any other kind )
# Windex if you feel you made any mistakes ( the floor polish dissolves in Windex, I don't know about other brands, but they probably do )
# Small Tupperware (or other small plastic container) to fill with enough polish to be able to completely submerge whatever parts you are treating. You may need another container to do the same with Windex if you feel you messed up
# Parchment paper (for the parts to dry on, otherwise paper towels are fine. I used paper towels, but be careful that they don't leave small fibers on the parts. Should not happen if the ones you use are fairly firm).
# a washcloth ( to place underneath whichever paper you are drying parts on top of to catch excess polish that soaks through the paper )
# Q-tips (a brand that also is sturdy, you don't want loose cotton fibers) You should be able to use two Q-tips to bring the parts out of your polish and onto the drying area
# A Fan or Ventilation system (do not fan the parts directly, as you will likely blow smaller parts off the table. Use it to blow the chemical fumes out of the area, or even better, treat the parts in an area where you have a ventilation system that can suck the fumes out of the house (like a bathroom). The chemical fumes aren't going to hurt you, they just smell bad. Remember that you are dealing with cleaning products here, and take the usual precautions.

and don't worry too much about what I have said about getting small fibers on the parts from Q-tips or paper towels. If you are careful and pay attention, it won't be a problem because the polish gets soaked into the paper towel and q-tip heads, keeping the fabrics of each matted and wet until they dry. You can also use this as a general indicator of when the parts are dry, but wait at least 8 hours before connecting the parts to anything, even if they are dry - so the parts can air out.

Connections will have more friction than usual, and avoid connecting transparent parts to each other. Transparent helmets and visors typically don't connect well after having been dipped in polish, unless the connection was a bit loose before (like the helmet on www.brickshelf.com/cgi-bin/gallery.cgi?i=6262588). Transparent CCBS shells connected to transparent CCBS bones aren't a problem.

aaaand now for the steps

1. Clean the part, make sure there aren't any bits of dirt or tiny hairs attached to the piece. That kind of stuff might get trapped underneath the layer of polish.

2. Once the part is dry after your cleaning, dip the piece in some polish. You don't need it to soak in the polish, just make sure that the part is covered fully. Then take the part out of the polish, using the q-tips kind of like chopsticks. Don't have to hold them the same way of course, but you get the idea.

3. Place the part on the paper towels (with the cloth under the towels). You may need to blow on the parts to pop bubbles formed in holes between areas on the part. Be sure to check the parts for little debris and move the parts around every five minutes so that polish doesn't build up on the bottom. You will want to position the part so that polish can drain naturally with gravity. The polish automatically dries with the thinnest layer possible, and dries in around 30 minutes)

and then you wait for the parts to air out. You'll want to keep treated parts away from children or those likely to put them in their mouths, of course. A bit of solution ingested won't cause a problem, but again, this is a household cleaning product. Because of this, it's best to only use it on parts that are the focal point of a creation.

I haven't had any problem with polish pooling and getting stuck on any part, except the original kanohi kaukau. The grooves on the back of the mask, the lowest part of the 'oxygen mask' portion will catch polish and it will dry there. it doesn't make much of a visual difference because the grooves are very small, but if you're a hardcore purist, you'll likely want to avoid treating kaukaus. Should you treat one and regret it, you can always dissolve the polish in windex and wash it off with water.

That's pretty much it, have fun!

ADDITION: (refer to 'actually its kind of negligible.jpg') The pooling mentioned that occurs in the bottom back grooves of the kaukau really isn't an issue when drying is complete. I had made a premature judgement while watching the green one dry. You can compare the Blue and Green (treated colors) to the Neon Orange and White (untreated colors) masks 
in that image.