Griot's Garage (
http://www.griotsgarage.com) "Vinyl and Rubber Dressing" is water-based and leaves a satin finish rather than high-gloss finish. It does not leave a greasy, dust-attracting residue either. I use it on my engine bay and weatherstripping. Personally, I prefer the high-gloss shine on the tires with chrome wheels. I have been using the Meguiar's spray stuff but it is messy to apply.
Cruisin2k pointed out the Meguiar's gel to me at Pep Boys and I picked up a bottle. I have not used it on the tires yet (I actually have the Griot's on the tires now--I did not want to deal with the spray mess at the time). I just put some of the gel on the dull-matte black intake hose elbows today and now I am questioning that manoeuvre.