Cantom, it still has that odour to it, but it seems to subside after it has been rinsed and lubed. As to the finish (gloss vs. matte) it all depends on the polish of the base metal. I use a silicone based lube to protect the metal immediately after the rinse and if the polish is good it is pretty sharp looking.
I refinished a bit of a dog series 70 1911 with it a couple years ago and the finish is holding up good. I did something different with that project though. First I cut the blueing solution with distilled water (1 part cold black and 10 parts H20). I degreased all parts with varsol, then brake cleaner. At this point I submerged the degreased parts in boiling distilled water for about 10 minutes and the plunged them into the diluted blueing solution for about another 10 minutes. Then the parts were boiled in distilled water again removed and the process repeated 2 more times. If you use this method the diluted blueing solution can be reused for other projects.