Siding Renewal vs Replacing

[Eileen Donnelly]

I've recently heard that siding can now be restored to look like new instead of replacing. I'm curious as to how well it works, how long it lasts, pros and cons if any. Has anyone done this to a house? I'd greatly appreciate any thoughts you may have. I've pressure washed, but the house has oxidation now which makes it looks faded no matter how much it's cleaned. Trying to avoid replacing if possible.  The above is an example picture of a renewed vinyl siding.