Takes the graphics off if you do it with an aggressive enough abrasive.  You can lightly tough up spots with up to 800 I've heard without loosing the entire coloration, but you can't use much pressure at all on a spinner.

The Cueball VAB is nice in a way since it cleans up better than "erased" VABs do.  Nothing like a pure white ball that looks like it's more porous than a regular polyester ball picking up marks off of dang near everything out back.
--------------------
"A word to the wise ain't necessary -- it's the stupid ones that need the advice."  Bill Cosby
"Never argue with an idiot. They bring you down to their level and beat you with experience."