I attacked my 2008 sunburst strat with some fine steel wool last weekend. My initial, beer-fuelled plan was to get rid of the shiny, plastic coated look with the steel wool, before moving on to wet/dry paper after that to smooth things out a bit. As it turns out I was really happy with the result with just the steel wool so won't bother doing anything else with it. I thought it would look all scratched but far from it, I rubbed in the direction of the grain and I think it looks much, much better than before.
Lot's of dust everywhere though and the steel wool tends to break down and the bits get stuck to the pickups. Last night I ordered an aged pick-guard with Apache's so am looking forward to getting them installed!