Be safe before you try this, or any maintenance on any power equipment, unplug or remove from the power source. REMOVE THE BLADE or other cutting tools from the machine. Even a stationary blade can hurt you if you come in contact with it. Keep your work area clear and tools in there proper place when you are not using them. Safety first. The best project can be spoiled by an injury. Looks like a good instructable. I might try this on my table saw. Thanks.

I have used naval jelly with good results. It's very fast and cleans the metal of all rust. Just remove any heavy surface rust and the naval jelly will do the rest.

This summer I picked up a used table saw and the top was rusted. I did not want to damage the surface cleaning it so I used Scotchbrite and cleaned it by hand. It was a lot of work but I feel the labor I put into the project was worth the effort. Scraping and sandpaper are too damaging.

While I was scrubbing I used oil (chainsaw bar lube)  some mineral spirits and some rust spray (PB Blaster) to lubricate the job. I wanted my work wet but not too thick, so I'd give it a shot of this or that as I worked. I wiped that gunk up with rags as I went. This is a picture I took about halfway through it.

http://i.imgur.com/HTJWC.jpg

The swirl pattern is the original mill marks from when the machine was made. When I was all done I was pleased with the results I'd achieved.

I'll agree with you that waxing is a good way to protect your clean surface. I flushed my top with acetone before I waxed it to get off any residue or moisture.

Bottom line is if you care about the surface do not use sandpaper or hard scrapers. This is a messy and laborious task but done right the results are worth it. I think it took me about 2 hours to completely clean this top and I was working pretty hard for the duration.  Scratches I'd have put into the surface would have been forever though. That wouldn't have made me very happy.

Saw when I got it:
http://i.imgur.com/jjOer.jpg

Finished:
http://i.imgur.com/avkT1.jpg

I know there is some sawdust on it, I had to do a cut. I also know it is glowing like a mirror too. Not too shabby for $20 huh?

I'm building a magnetic motor contactor for it now. Article coming soon! Until then:

http://i.imgur.com/ZgFMu.jpg

Maybe it's a dumb question, but why not use something like WD-40?