Thanks for the feedback. I'm sure my Boeshield wipedowns with the occasional washing will be fine. I was just asking because my other bikes always started looking like crap within a couple of years (mainly the small nuts and bolts, brake fittings and all metal parts either rusted or corroded). But then again, I pretty much neglected those bikes.
I just bought some microfiber towels ($10 for a bag of 20 at Costco) and they work great for wiping things down (except for the chain - I use a terry towel for that). They also come out clean from the washing machine (unlike terry, which usually retains some grease and grime), so they'll last a long time.