I've been using Meg's #40 for years. Cleans and restores the black to the wheel wells, tires, and trim. Water based. What's not to like? Asking anyone who has used this, and moved on to something "better". What you got???
M40 runs in the rain. I would not use it on exterior trim or tires. But I like it a lot on interior dashboard and trim.
For exterior trim I really like Ultima Tire & Trim Guard Plus. It provides durable sealant protection against the elements. I have not used it on tires, though, just trim.
My favorite water-based tire dressings are: Mother's Reflections, Showroom White Pearl, and Surf City Garage's Beyond Black (in that order).
M40 can turn out nicely, but its very water based and does not hold up well on exterior trim. Express detail shops use it for an interior dressing and slop it on the dash without buffing, which leaves a greasy mess. 1z cockpit is a much better dressing. I'd pass on the M40.