I used to run a kids' bicycle recycling program that had several sponsors, including a well-known supermarket chain. They used to donate cases of store-brand cola to us and none of the kids liked it, so I set out to find another use for it. After reading that Coke was good for removing rust, I gave our generic cola (much harsher and more carbonated than name-brand colas) a try.
I have to say, it worked pretty well. It did leave a sticky, sugary residue that needed to be rinsed off with water, but it worked on the rust. I don't know if I would ever use it on one of my own bikes, but for a youth program that had no real cash budget, this generic cola was liquid gold.