I couldn’t wait for a reply, so I went to the grocery store and purchased KIWI Shoe Cream. It is perfect!

The cream kind of fills in the small cracks, buffs to a perfect amount of shine, and the wheel is smooth like new. This is the way to go if your wheel is deteriorating. It is just like new and I am sure it will hold up. After all, it holds up on your shoes and they take much more abuse than your steering wheel. This will become a regular part of my detailing repertoire.
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I just couldn't give up on my 1995 E320.

I think it might be like always going back to that same bad relationship with an ex girlfriend.
You feel you love them too much, or you are just too stupid to know any better.
Flickr slideshow of my 1995 E320
http://www.flickr.com/photos/24145497@N06/sets/72157616572140057/