Depends on which faded you're talking about -
The faded charry is fairly rough, a semi matte finish. It has minimal filling on the mahogany. This finish will gloss out pretty well where you're hands rub on it, and if you rub the rest of the guitar, you can get this old looking patina to the whole thing.
The faded maple sunburst has the same fairly textured finish as a maple burst, and that part needs no filling. Its a rough finish though. The back is a darker version of the faded cherry.
I've had BOTH finishes, as well as the faded brown on both mahogany and maple, and faded clear (natural) on maple.
The faded cherry is rather pinkish to my taste, but the faded tobacco burst on my LP Std Faded looked more like a faded heritage sunburst, with a bright yellow center... too bright, but it is what it is.
I refinished the brown SG with clear over its faded brown - GREAT results. The faded cherry got refinished into "black cherry burst" and the LP Std faded got clear coated on its top only, to a rather soft shine, but using Deft semi gloss, and then rubbing it out to a nice soft shine. I like it a lot. Thats the factory escapee - that got out with a set of BB-Tak (Burstbucker Tak Matsumoto) pickups. Very nice they are!