This technique is turning out to be pretty labour intensive in terms of sanding, cleaning and getting it all evened out (although the initial wood treatment is very quick) but the results are really beautiful. Absolutely worth the effort. I did the whole guitar, back and front, yesterday:
I've spent the last couple of hours wiping it down with a damp cloth then some dry paper towels, lightly sanding the raised grained and repeating. I'm still working out the technique but it actually looks quite nice when it's lightly sanded as it emphases the grain patterns a bit more.
Had a quick gander at how the final product should look too:
Unfortunately, the phone camera pictures look even worse in artificial light than it does in daylight. I'll have to see if I can borrow a better camera to photograph the final results because the beauty really is in the fine details.
Anyway, I'm pretty pleased with how it's going considering I've not done anything like this before. It's very therapeutic, in fact.