My wee bro is hand polishing Porsche Rims for his mk2 Golf - more work than i'd be willing to do but he got them half polished to start with - there is a
guide to polishing somewhere, i'll post it when i get home.
I'd say paint them......everytime - and i have had mine done - i'll post some pictures too. There were some LCR rims for sale on here a while back, gloss black with metal flakes though.......very VERY nice. Depending on the colour of your car the colour choices are endless, and believe me it makes a BIG difference to how the car looks!
PJ.