The flat black molding panels on the "B" pillars on our '03 525i seems to attract wax streaks, never seems to clean up well, and fades. Tried a paper towel with a little Armor-All "Armor Plate"...wiped it on, let it sit a moment the microtoweled it off. Seemed to clean it fairly well. The panels now (IMHO) are all the same shade of flat black and the wax streaks are gone.
I don't know about modern Armor All formulas. I haven't touched the stuff in years. I stopped using Armor All back when it would actually cause the surfaces to dry and gray, making you use more of it. Plus it left a nasty silicone coating on everything. I've been using Black Again since a coworker gave me a bottle. Seems fairly decent. I've also had good luck with Poorboy's products.