Well, I tried it today, and I was totally unimpressed, just as I predicted. Now of course I don't know what quality of concrete people in other countries are used to, but the stuff we have here is way too hard. All I could do with Saphir 50 grit (was all I had) and the hard pad for the Rotex, is scratch the surface.
I sanded this small patch of the shed in rotary mode. The concrete was covered by paint (once) but most of the paint let loose when I scratched off the plants that grew against the walls. I don't know how you call those plants in English, but it's of the kind that climbs up a wall and attaches itself to it. This plant was particularly sticky and very hard to remove.
You can clearly see the seams made by the concrete casing. They were pretty small actually, but nevertheless pretty good visible.
After sanding for a while I was able to remove all the paint and the plant remains. But the seams were close to untouched. Just a tiny fraction, perhaps 1 or 2 mm was sanded away. They were still clearly visible.
The patch of 3 planks indicated by the red marker used up my entire sheet of Saphir. it was completely dull afterwards. I'd hate to think the enormous amount of paper needed when you really have to cover some surface.
A close up of a seam: despite it being just a very small protrusion, it was still there.
Anyway, perhaps other people can get other results. Please post the results.