The terminology for this is about as confusing as anything else these days.
A polish, techincally, has abrasives that remove a small amount of the clearcoat to smooth out a finish. It can be anywhere from coarse for use with a random orbital buffer or real fine that can be done by hand. A "wax" fills in imperfections in the finish. It can be natural or synthetic.
I use zaino, although I must admit I don't have entire weekends to burn to do the whole job any more.
Check out this amazing guide written by an s2ki.com member on how to detail the S2. (Personally, it's more work than I would ever do, but it's nice to have it all spelled out):
http://home.comcast.net/~michael.coh..._Hand_Book.pdf