I use one to polish the hesalite crystal but never tried it on steel. I suspect it wouldn't work very well on SS since it is considerably harder than gold or silver or it would require a lot more effort.
I like Simichrome and a q-tip for areas where youre worried about crisp edges. Works great on all metals.
I use one of these, dedicates to watches (and personal electronics) only ... making sure it never touches the ground to pick up dust etc : Edit : thus I wouldn't use a jewelry cloth or anything else