Unless dealing with old-school ss paint (especially lacquer) I dunno if there's any real reason to use #7 except a) if you just like it, and b) on fresh paint. There are reasons to use it on the (older tech) ss, but that's not relevant to most people. The "fresh paint safe" feature is, IMO, the big reason to keep #7 around (though *I* like IHG or #5 better for this anyhow).
"Pure polishes" (as Meg's calls them) like #7 are nonabrasive, so they don't even remove minor marring, just cover it up. Nothing's great at this, but yeah, there are products that work better than #7.
Too bad #7 is the only product like this that Meg's distributes so widely (you can get it anywhere).