I've never had any rust problems, but if I did I'd just wipe it off with a little steel wool. That's the beauty of it... you would not mind taking steel wool to it, you certainly don't mind scrubbing the crap outta of it with a bronze brush and hot water running in a utility sink.
The finish is... a... <dunno>... blue finish that has been mostly removed, or a very crappy blue finish that has been deliberately badly applied? It's one or the other. It's mostly... plain. It's a mottled grey/white metal with "maybe" a trace of finish remaining. It is not perfectly even, and shows blotches and spots.
I shoot BP in the Mojave Desert in the summer, when it's 120 in the shade. I am SWEATING and my salty wet fingerprints are all over my pistols while I shoot. I toss them into a range bag, haul them to the BOQ on base, go get chow, and might not even clean them until the next day. I have never had a sign of rust on them.
It is VERY good looking. For a user, I prefer it above all others.
For a display in a case with accessories, it's either this or the charcoal blue as my favorite. Depends on if I want the piece to look like Grandpops old pistol rescued from the attic, or a product fresh from the Colt production line in 1863. The "standad blue" looks like neither. It just looks like a cheap Italian copy...
Charcoal Blue does not stand up well to routine use, but boy... it sure looks pretty darned good if you are not afraid to let it wear off of the high spots either. Just darned few actually use them as a daily shooter. Most are bought for the display case.
BTW, this finish is also available from Taylors. It's a factory finish applied by the Uberti factory, not done by or at Cimmaron. The finish also includes some dents and such on the metal, and they make a minor attempt on the wood. To really finish it up, you need to remove the finish from the grips and then antique them yourself with the scratches and oil that you would expect from the metal finish.
Is it worth the extra $hundred? In my considered opinion... absolutely. But that's just me. You can probably duplicate it yourself with a blued gun, a towel, some white vinegar, and some plum cold-blue. Depends on how much you like to tinker.