I use a similar product called Dr. ColorChip. The packaging even looks the same, so there may be some relation. On my wife's Silicon Silver Velar, it replicates the metallic sparkle well enough, but not the depth. All in all, I'm happy with the results.
The most challenging part of the application is getting the "smear" correct. I get the best results by putting a blob of the paint next to the chip, and then smearing it over the chip with a finger in a latex glove. You need a light touch to avoid pulling the paint out of the chipped area.
When using the solvent/blending solution, let the chemical do the work; don't rub too hard.