Firstly, I am doing this ONLY TO MY HOOD.
Secondly, there isn't a millimeter of clear coat remaining on my hood!!! Otherwise, I would not attempt this...
I stumbled on it by accident, intending initially to clay-bar the entire car. I couldn't find any soft, workable clay at my house... so I drove to Bi-Mart, Knechts, and another auto place nearby. Bi-mart had no clay(shocking, truly...)
The auto places had "Clay bar Kits" That were in the $25-35 price range... I'd leave it faded and dull for another year than pay that for clay and cheapo cleaner.
So... I called up my mother and asked her if she might have some soft clay laying around. She asked what it was for, and I told her. Her suggestion was to try a magic eraser, and it got me thinking... So I read online about it briefly; I found page after page of "OMG Don't do it you'll kill your clearcoat!!!", and decided it was worth a try.

Sure enough... It took very little time to yield surprisingly good results. I applied VERY light pressure with the magic eraser(keeping it damp) on the right hand side of my hood, using a repetitive parallel motion going up and down in a 6-8" section. I wiped the surface afterwards(Magic Erasers break down quickly), and was surprised at the immediate smoothness of the paint.
I repeated the process a few times, and it even brought a little color up. Naturally this means paint was removed in the process, but doing it very slowly and carefully in small sections should yield positive results. It's not something that I would recommend doing often, maybe not even a second time... but the results I got were very satisfying, I'll finish the hood tomorrow and post before/after pictures.
Obviously if you intend to attempt this, clean the car well before doing so.
I will be finishing up with a quality sealant, and topping that off with wax.
***DOING THIS WILL DAMAGE YOUR CLEAR COAT***
Do this at your own risk, I am in no way responsible for what you to do your own car.