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i used por 15 years ago on a 69 firebird and it really cleaned the underside up.. I like the stuff, only problem back then when you used it then you could not clean it off and weld to it if i remember right.
I heard good things about the POR-15 paint from my local speed shop...so I figured I'd give it a try. I'm happy so far. But I was told that this paint doesn't respond well to full sun exposure. Maybe someone can chim in that knows this for sure.
As far as prep...I went to town with a a wire wheel on a cordless drill (many batteries) just to get the really big stuff off. I was told you can paint right over rust with this paint.
After I was done wire wheeling I sprayed the underside with some Simple Green degreaser and rinsed it down with a pressure washer.
After that, I let it dry and pulled out the floor creeper and some rubber gloves and started painting.