..and it was totally worth it. My car had been looking a little on the black side, with hardly any of the blue showing through. Now the blue is quite prevalent! It got quite a few little scratches out as well.
I used Meguiars 3-step process. Step 1 is a paint cleaner (basically a very light polishing compound to de-crud the paint), Step 2 is a slightly stronger polishing compound, and Step 3 is a carnuba wax. Opted out of step 3's liquid wax and chose to use Meguiars Cleaner Wax instead.
I polished with a random orbit 6" buffing wheel with a wool pad and several microfiber pads. I also taped off all the plastic and rubber to prevent polishing compound encroachment.
After Step 1:
After waxing: