Well, Jngrbrdman and I may have to agree to sorta disagree on this one

. I DO agree that etching CAN always happen.
This is purely from casual observation, but the cars that I keep well protected, with multiple applications of sealant and/or wax, have never suffered from etching or other "water spot" problems. Even the beater car I leave outside most of the time and rarely wash (by Autopian standards; gee that still sounds AWFUL), but keep well sealed and waxed, never has a problem. But when one of my (non-clearcoat) cars got stuck at a repair shop for weeks and was left outside

despite my instructions

without any real surface protection, it got waterspots that were a BEAR to polish out. And my non-autopian friends and relatives, whose cars are subjected to the same conditions as mine, all have nasty etching and other surface problems.
Now bird bombs and bug splatters are a different story; they can eat through anything! But even with these, I honestly feel the sealant/wax gives me a little protection, if only enough that I can often wait until the next morning to deal with them. Maybe it's the "sacrificial layer" idea in action. Or maybe I've just been lucky

And as I'm always saying, just my $.02; your experience may vary.