It can be polished, somewhere is a step by step process already on the board. By you can buy a paint remover at autozone that will remove the top coat of the frame coating, which makes it a lot easier. Start with a 400 grit sand paper and work up from there. Some finish off with a 600. I worked up to a 1500 and 2000. Then go to home depot or lowes and get the red and white rouge to buff the frame with. Use the red first it will fill in some off the rough scratches. Then the white to bring out the shine. Thats the down and dirty. Other than that its just a lot of elbow grease and buff buff buff. Then use a chrome polish for that lil extra bling, finish it off with a coat of wax and the shine will last longer.
I usually rebuff mine once or twice a year over the winter or before bike week. Just to keep the bling blinging!