First of all I do not use ArmorAll because I heard somewhere that over time it makes the plastic brittle. I do not know this to be absolutely true, but I've opted not to take the chance. Right now I use Meguiar's Gold Class Endurance Tire Gel on the cladding and I'm very pleased with it.
The hood insert is a hard one to figure out, and I'm still working on the best way to handle it. It just holds that nice look for less time, no matter what you try. This must be because it is more directly exposed and gets a double-whammy of heat from above and below. It is also not bare plastic like the cladding is. I have used the Meguiar's on it, and it makes it look great. So will regular Son of a Gun or Turtle Wax spray protectant, though. All of these will not have the same longevity there as they will on the cladding, and I'm not sure what the long-term affects will be of applying them to a painted surface, although so far, so good. Done right, it will not look greasy, but even so, things like dust and pollen tend to stick to the insert in particular after you apply any of these to it, so try using a car duster for touch-ups if you go that route. However, I have found that waxing the insert has helped a lot with just maintaining an even look (not splotchy or streaky). It's okay to wax the hood insert because it's actually painted and is not bare polypropylene like the cladding. I think what I'd recommend is doing that first of all so the paint is protected.
I have also seen kits before that are color-specific, where you can use something much like a wax to enhance color and then you wax over it. Usually I think you use a mild rubbing compound first to prep it. If there is anything out there for restoring luster to black paint jobs specifically, for instance, that may be a good way to go too. I did this with my Mom's red sports car and it still looks great after quite a while now. I prepped it first with 3M rubbing compound - the mildest, least abrasive version they had.