The way I understand it, it is very much like plating. Here's what I've read...and here come the lawyer part- don't follow my instructions, I've never done it and it may be dangerous as hydrogen and oxygen are produced (always the lawyer).
You get a non-conductive bucket (plastic), place water in it with a 1/2 cup or so of "washing soda" mixed in. The purpose of this mixture is to conduct electricity. You place a rusty part in the solution connected to the negative lead from a 6 or 12 volt charger (power supply must be DC). Connect a sacrificial iron rod (rebar, plate, etc.) to the positive lead and place that in the solution- make sure they don't touch. Then turn on the power. A supply up to about 10 amps should be sufficient- when power is turned on, you should draw 5 to 7 amps. Bubbles will start coming off the part and so should the rust.
After an hour or two for light jobs or overnight for heavier ones, all the rust should be gone and a gray/black substance which can be washed off is left. The sacrificial rod may need to cleaned off periodically.
Supposedly, it does not remove any good metal and will remove every speck of rust from every nook and cranny.
I'm thinking of trying it tonight on some small engine parts (the ongoing go-kart project). I will report.
As an aside, I cleaned out the gas tank on the old briggs last night with good old fashoined toilet bowl cleaner. The 40 year old tak was quite rusted and icky inside and numerous mineral spirits or detergents weren't helping- 4 days of vinegar did nothing. Under an hour of toilet bowl cleaner (w/ HCl), and it was down to clean metal. I followed it with a rinse, detergent, rinse, rinse again and a phosphoric acid passivation. We'll see.