First, I don't know that I use Pledge brand exactly, or that it even matters, as I'd guess any spray (furniture) wax would work. Certainly if I do have some newer formulation of Pledge brand-- I'm out of the house right now and can't check-- it works just fine and makes the bike frame, fork, crank arms, stem, exposed seat post, hubs, spokes, and non-brake surface of rims, all very shiny and smooth to the touch.

I usually use it after washing, but will also use it for light cleaning if the bike is just a bit dusty.