2001 Tahoe ABS Speed Sensor problem

The ABS comes on when I am stopping to a full stop at about 5 mph. I was told it is the wheel speed sensor / hub by a local service center and can cost $500 to replace per wheel on the front end. Reading some threads this seems like many chevys have this problem and it can be fixed by just cleanning the rust of the sensor and reinstalling it? Has anyone performed this fix? How long did it take? Did it Work?

Had the same problem, though mine was covered under warranty. They tried cleaning the sensors but it didn't work. Mine needed new reluctor rings which are integrated in the hubs. There is a TSB out on the problem. You can get a copy at most chain type parts stores (like Autozone). It gives instructions for testing the sensors, etc.