this is a subject that used to be very dear to my heart........
I used Carnauba wax, itis expensive but the results are brilliant.
Polish i avoid like the plague, it has all sorts of additives in it that don't always do the bodywork good, and there can be a lot of silicone in polish.
Wax is a more natural product, you may have to work a lot harder in order to get the finish but you will find that it will last longer and will not stain other parts of the bodywork like polish does.
Magiures Clay is the business, i use it once a year and the finish is like glass after, i amon for a marathon polish session this weekend, it will go something like this;
cold water hose down
Warm soapy water shampoo
cold water rinse
chamois
clay
wax
glass cleaner
tyres and blackwork
all the door, boot and bonnet shuts will be washed and chamoied down, the hinges given a quick shot of lube
The best cloths i have found for waxing on are old terrys nappies (they have been cleaned before using them

)for taking off the wax i use a lint free antistaic cloth and for the glass i use nappies for on and off
Then the inside will be vaxed, the leather fed and all the interior trim polished with a meguires interior cleaner
underbonnet i dont do so much of these days, i used to campaign a concourse mini and modified cavalier this used to be my terratory, nothing gives me greater pleasure than seeing the end result looking like it should be in a showroom