I just had Equal put in my tires and I'm not sure if it really works or not. Some days I swear it's smooth as glass and other days it feels like I have mud in my rims.
I had a hard time getting it installed. Most of the passenger car tire shops don't have a good drier for the air and they don't usually have any experience with Equal. Most big rig shops won't work on anything smaller than semi tires and wheels. I bought the stuff from one place and had another install it and I'm still not sure they really used dry air. A couple of shops were quoting me close to $100 just to throw in a bag and mount the tires on the wheels. I was about to buy my own tire mounting tools!
If you get it wet, you're out all of your original money for the Equal and the mounting. Then you get to pay for it all over again. If you do it right though, the tires are balanced for their whole life, all for about the cost of one weight balancing. Make sure when you buy it that they give you the filtered valve cores and the sealed caps.
If you need more Equal later (because you didn't use enough to begin with or the tire is wearing funny), there is a special tool for the shops that blows the product in through the valve stem.
For the airing up and down thing, I picked up an air filter/dryer (with a drain) and some disposable desicant dryers from Harbor Freight. They are intended to put on a paint spray gun. I will just use that right before my air chuck. I just need to make an adapter so that I can use any standard gas station air with my little in-line drier.