Have you ever tried a metallic or "low dust" brake pad before? The dust from these pads doesn't stick to wheels like regular pads and whatever does, rinses off very easy with just a wipe. Magazine tests that I've read show that the brake distances are usually slightly longer when the brakes are cold and rotor wear is accelerated, but I've never noticed a discernible difference on any of my cars (I always run metallic pads).
The first step is to thoroughly clean the wheels, and then use a coat of good wax - and the newer "nana" waxes available affordably from any retail outlet (under $6 or so at Wal-Mart) is the best first step. A wheel wax job really helps in getting more dust off when you wash your car.
The next time you go for pads, although I have been a OE guy, do a search of the forum on brakes, brake discs, brake pads, and there are several options out there that members have found accpetable.
i've changed my front pads and rotors about 5k miles ago. noticed that no dust at all.. here where i purchased my parts. Maximum Auto Parts - Replacement Auto Parts and Accessories ( i bought a set of Brembo rotors and Akebono pads) this is a ceramic pad... no dust, no noise... trust me
I use a wheel polish from Mother's. It's some form of petroleum distillate (smells great). It not only repels the dust, it also removes any tar and other brake dust deposits from the paint.
__________________ 2000 ML430
Chrome grille, tailgate latch, logo on rims, instrument cluster rings - K&N air filter - Ate brakes - projector style lights w/xenon bulbs - white LED lights on licence plate - handpainted pinstripe - designo Java Shift Surround