What stevet said :xyxthumbs I don't buff it "dry", but rather to the point where it's "almost dry". You do want to break down the abrasives but it doesn't take much work to do that. Some people here (whose opinions I respect) *do* buff it dry, so it seems to be a rather forgiving product with regard to how you work it.
FWIW, I prefer to hit holograms with a pass using PI-III RC first, to do the lion's share of the work. All depends on how bad they are and how hard the paint is.