I did the magic eraser trick a few months ago and here's my experience.
This is how in looked "before". Not really bad, but I wanted to clean it up a bit.
I started to not like the results, so I only did half of the wheel. From this picture, I cleaned from the seam line at the ~10 o'clock position to the seam line at the ~4 o'clock position. From 4 o'clock to 10 o'clock was not touched with the magic eraser.
These are the "after" pictures. The magic eraser roughed up the these surfaces giving it a smoother look (maybe debatable), but left it feeling sticky and gummy. As I was doing it, I could see pieces of any dirt and the leather peeling away.
I'm glad I stopped half way through when I did, and frankly, I wish I never started. The process does work, but I only suggest it if your steering wheel is really messed up. If your steering wheel looks and feels like absolute hell, this will work. You can attain an even and better looking finish. Probably just smoothing out a turd, so it looks polished. And there's nothing wrong with this.
On the other hand, if your wheel is 'okay-ish', let it be and don't touch it.
My hope was that after usage, the oils from my hands would bring back the smooth feel. Maybe it did; maybe I just got used to it. Since, I've applied 2 different leather conditioners 2 different times, and they might have helped a little bit. Not a whole lot.