I'm with phareous on this one. Sanding down, cutting and buffing a clear coated/enamel/acrylic car that is protected from the elements (ie garaged weekend warrior that only sees good weather every now and then or a trailored queen (both versions pampered and upkept to the fullest Autopian standards)) is a possiblity to achieve that edge in competition. A daily driver on the other hand, this process I will not recommend. Clear coat or a single stage paint, it doesn't matter unless the car goes under the paint gun often. The paint is thinned severly while doing this process and removing swirls and other paint problems due to daily driving will wreck havoc on the finish.
Before you know it, in a few short years, a daily driven car given this treatment will face the consquences, paint failure.
I know forum member dlw wet sanded his Jeep (or his former Jeep), it looked stunning, but I would be afraid to drive it to cause more harm than good. It always requires contant upkeep and I would always fear about developing any swirls and trying to remove them on the already thing paint.
It'll do more harm than good on a daily driver IMHO.