I used Ospho on the entire underside of my truck. Sprayed it on with a hand-pumped pesticide sprayer. Would not recommend it for something that's supposed to be visually appealing (leaves a kinda weird texture), but it's perfect for chassis and under-body. I undercoated over it, and that combination has held up pretty well through the snow and salt.
It does a good job of getting rid of existing rust, but if you don't cover it with paint or something, the metal will start to rust again after ~6 months exposure.
It's also pretty good at treating paint chips that rust over, cuz (in my experience, anyway) it doesn't mess too much with the paint surrounding it (As long as you don't over-do it).
Also, when applying it, wear a dust mask (or better, respirator) and long sleeved clothes and gloves. Stuff really burns your skin and is kinda painful to breathe it. It will also react with concrete and form a white powdery substance, so don't be too attached to your floor.