I started doing a multiquote before I realized I was commenting on like every post so far. haha.
First off there is no official best product or best method this is one of those arguments that will last on forever and everyone will likely think what they do is the best as usual. Waxing is more of an art than a science even though there's a ton of effort put into researching products and ways to apply them.. Everyone's got the right idea by now of doing an x-step on yer car.. x being how much time you have more or less.. the more steps you do the better the car looks, but the more time it takes.
Regarding claybar the Turtle wax liquid claybar is

! I've used the real claybars and this stuff works just as well and is a hell of a lot easier to work with. But, this isn't necessary more than once or twice of the entire life of the CAR not of your ownership. I usually do it when I get a new(used) car and never again.. I've never owned a new car long enough to need it.
Rubbing/Polishing compound should be used as-needed.. much like the claybar this isn't something that needs to be done often, if ever. This is actual abrasive on the paint and should only be used to repair minute damage, I polish following the claybar and no other time. Rubbing compound I've only used when doing to the metal paint repairs on some older cars after filling/painting to blend.
Sealer&Glaze (or similar products called different names) was one of the coolest things ever created for those that take care of their car but still drive them. Seals the paint, fills tiny scratches, and levels the paint a bit more than polishing would since it fills the low's rather than lowering the high's. Mothers works great.. and a weird product by 3M that's a dark pigment sealer/polish worked great on my Stealth V.
There's a million waxes out there.. experiment to find what works for you. Zymol is awesome and has a great shine but it's a pita, I found hand application is better than the buffer on that one, but it's not very durable, so I stopped using it. Mothers is a solid product line I always have the steps laying around and use it time to time depending on what car I'm doing how much time I have etc(Though the topcoat is takes more time than it's worth). Some others have come and gone from my garage... but the most amazing wax I've ever used to date for what I do (take that for what it's worth, I drive the shit out of my cars, wash and wax them a lot, and take great care of them.. I don't own GC's) is DUN DUN DUN Turtle Wax ICE product line. I called bullshit when it was recommended to me, and finally tried it one day when autozone or something was sold out of the mothers, I never went back. Not only does it not leave a white residue, but it's MADE to go over the entire exterior of the car, headlights taillights rubber metal plastic, everything. I'm sure it doesn't shine like dropping $1000 on wax (

) but it's the best product I've ever used.
I know this is no short story but it helps on stuff like this to hear real-life experience.. not just "use this 4-step cause I say so". My biggest point is they all work, all waxes shine, all sealers seal, all polishes polish.. and the "best" has a lot to do with how much you care, how much $ you want to spend, and how much time you have; not just what product shine's the best.
Some other random notes: I prefer the random orbit buffer to apply as much as I can.. stickier products like claybar and Zymol don't work well but for the most part I use it to apply everything. Everything also comes off by hand.
3M makes a great NON-Shiny tire restorer, doesn't come out looking like that obviously covered in wet gel look, just makes them look brand new. Armorall makes a natural finish interior product that's pretty awesome too.. not poly based like their original slimy crap but it comes out much like the tire stuff.. brand new looking and it covers just about every surface from plastic to metal trim, everything but the seats more or less.
A great tip on washing the car is to use 2 buckets.. dunk them in the same order so you're always dunking the dirty sponge in the soap bucket then a plain water rinse bucket.. it's amazing how clean the second one stays while the first one gets trashed.
Wheel polishes are great.. but if you keep up on washing you shouldn't need them much, that's another one of those things I seem to only do when I get a car used that someone hasn't cares for as much as I would, then occasionally at best after.
Don't forget to spend the money on the right cloths/pads/etc. Foam applicator pads, tons tons tons of microfiber towels of assorted sizes, big terrycloth towels, read product labels to know how to use them properly, find a way to not mix up the towels for their purpose.
Apparently I'm bored enough monday morning that I just wrote a novel on waxing cars. LOL. But regardless, I've seen a lot of people on this forum with gorgeous cars, a lot of guys know what they're doing and I'm sure you'll get a bunch of responses with good tips tricks and products to try. The best way to figure out what's the best is to keep trying.