OK, anybody that's really interested in obtaining the maximum potential from their paint finish should consider the following:
First, one should get a jeweler's loupe (as Steve suggested), or an illuminated magnifying tool like this one:
http://www.radioshack.com/product.asp?catalog%5Fname=CTLG&product%5Fid=63-1133
Next, get a spray bottle and fill it with a 50/50 mix of isopropyl alcohol and distilled water.
Get several quality terry applicators.
Get as many high quality MF towels as you can.
Get a good chemical paint cleaner like Medallion Premium Pain Cleaner, Deep Crystal Paint Cleaner or similar. IMHO, a polish, or even a cleaner polish is NOT a substitute for this step. If you are using a rotary buffer with a "cut cleaner" (compound) you probably won't need the paint cleaner, but I still like to use a chemical paint cleaner first, unless I've wet-sanded and know I will need to use the compound.
If using a PC, get at least two or 3 clean polishing pads that are in excellent condition.
Get a good medium abrasive polish, a medium light polish, and a good final polish.
What does a chemical paint cleaner do?
It removes old wax/sealants, imbedded contaminates and oxidation.
It will remove some extremely light, superficial swirls/spider web marks.
It actually adds an extremely light polishing step to your process… smooth, clean paint.
It gets the paint squeaky clean without imparting any additional imperfections.
It allows you to see "exactly" what condition your paint is in, which allows you to pick the correct product/pad for the next steps… the polishing/cutting steps.
This also keeps the old wax, contaminates, and oxidation out of your buffing pads… which keeps the pads cleaner and makes the polishing work better.
Paint cleaning Process:
Wash
Clay if you like.
Using the terry apps and the chemical paint cleaner, clean the paint once by hand.
Mist on some of the 50/50 mix of alcohol and distilled water and lightly wipe the area clean.
Check several areas of paint with the magnifying tool.
If you don't see any oxidation, decide on which polish/pad combination you will start the polishing process with (this takes some experience - I'll add some suggestions)
If you still see some oxidation (shouldn't see much), perform the paint cleaning process again.
Make sure that it is oxidation and not "buffer haze" (as Steve mentioned). The magnification light will help.
If it is buffer haze or swirls/spider web marks, proceed to the next step...
Paint polishing/Swirl removal:
If you saw "buffer haze" in the previous step, chances are you will need to go right to the moderate polish and the polishing pad. As a matter of fact, if the buffer haze is significant, the PC and the polish pad or even a cutting pad may not "cut it". It may require a rotary and a more abrasive polish… hard to tell without seeing/experiencing it.
If you saw significant swirls/light scratches in the previous step, again, you will probably need to go to the PC, polishing pad, and the moderately abrasive polish.
If you saw very light swirls in the previous step, you can probably go with the polishing pad and the medium light polish.
I you saw almost no swirls/spider web marks… you're very lucky,

and you can probably go right to the final polish and your LSP.
Suggestions:
That said, here's what I would suggest. Keep in mind that my suggestion comes from considerable experience, as my process is a "highly modified" version of the often preferred method of "use the least abrasive product first" method. However, with a little experience and some common sense, this method is very efficient and gives excellent results…
Start by viewing the paint with the lighted magnification. Try to take a mental picture of the level of the swirls, haze and imperfections.
Assuming you have "buffer haze", or significant swirls. (usually the case)
Take the PC, polishing pad and the moderately abrasive polish and work at 2' x 2' area according to the directions for use with the polish.
Take the 50/50 mix of alcohol and wipe the area down.
Check the area with lighted magnification.
If you were hardly able to touch the swirls/haze, you probably need to use a rotary buffer and a more abrasive polish or be prepared for a "grueling" session with the PC and your moderate polish with repeated applications… this still may only reap "so-so" results. Sorry, this is why they make rotary buffers and cutting compounds.
If you were able to reduce the swirls significantly (say 40-50% of them), but they are still "noticeable", you might be on the right track… make another pass. Check with the 50/50 mix after each pass and take that "mental picture" again.
If (or when) you were/are able to remove most (say 80 - 90%) of the swirls in one or two passes, you are probably ready to step down to a lighter polish and finish them off with a pass or two. Stepping down a couple of notches is a good thing, as it adds "polishing" steps to the process… smooth, bright, clean paint, and continues to remove the swirls with lesser abrasive products, which saves your paint. Check with the 50/50 mix after each pass.
If one has removed all the swirls in one pass, you probably selected a product/pad combination that was too aggressive… this is how one learns.
Anyhow, the point I'm trying to make is this… if one really wants to become proficient at this stuff, it's a lot more than "following an order of steps", or buying certain products. It's about understanding those steps/products, and being observant about what those steps/products are actually doing… or not doing.
Of course, this is just my 2 cents and I hope it helps anyone interested.