This is the second in a series of papers on a consistent microscopic theory of transverse dynamics in spin-polarized or binary Fermi liquids. We demonstrate when and how the exact theory of Ref. 1 reduces to the conventional theory of highly polarized degenerate low-density Fermi liquids and gases. In the lowest approximations, i.e. for an ideal polarized Fermi gas and in the first (Born) order, our theory assumes the standard form. In the next order in density and/or interaction, the main equations still have a fairly conventional form, though they already contain the peculiar zero-temperature attenuation which is missing in the standard theory. This attenuation can be incorporated into the standard Fermi liquid formalism by adding an imaginary part to a mixed spin component of the Landau interaction function. The source of this imaginary contribution atT = 0 is a pole in the integral expression for the Landau interaction function (the situation is very similar to the case of collisionless Landau damping). In the next order, the standard theory fails completely, and even the form of the equations of transverse dynamics becomes very unconventional. We calculated explicitly the parameters of transverse spin dynamics and the spectrum of spin waves, including the zero-temperature attenuation, and, as a by-product, the polarization dependencies of thermodynamic parameters. The calculation includes a possible non-locality of the interaction. An application of the results to3He↑-4He mixtures covers the non-locality in the direct interaction channel as well as the non-locality and retardation associated with a phonon-mediated part of particles' interaction.