There have been enough reports published in various trade journals that indicate that the clear coat finishes in use for the last 5-or-so years are so tough that polishes and waxes add little if anything to their durability or their ability to protect the color coat. There are too many better things to do with your time than "Wax on...Wax off".
Polishing and Waxing are two different things. A polish is meant to revitalize and create high lustre and brilliant shine. Waxes are meant to simply protect the paint from the environment. Some waxes will contain the same or similar resins, polymers and silicones found in many polishes. Personally I believe the best polish is one which contains Teflon. The original poster asked about polishes versus waxing. They are two different things and I think it is important to know what a person wants to achieve.
The number one thing a person should do is use a quality car care detergent when washing their vehicle. Many of these will serve clean without striping the wax or removing the nutrients that contribute to a deep, brilliant shine. Never use dish soap. You will find that if you start with a good detergent, you won't have to polish nor wax as often.
You are all living in the past.........Try Eagle 1's wax as you dry. It's a spray you put on the vehical as you dry it. Use a quality chammy (sp?) you'll never wax or polish again........and what the hell, you dry your car or truck anyway so it does't waterspot Right? I haven't waxed or polished in many, many years, a GREAT product, try it.