Since Meguiar's is known for high quality stuff, this is no exception.  This is pretty amazing stuff.  I have 3m marine grade rubbing compound and turtle wax polishing compound.  I used the rubbing compound is great for getting really deep oxidation spots off and polishing compound was used for shining it up.  It did a decent job but this stuff would probably eliminate all those runs in just a few simple applications.  I used this stuff first on my headlights because they were a little oxidized and had little speckles of dirt or something on them.  I just rubbed like a dime sized on a microfiber cloth onto the headlight and wow.  After putting it on like wax, and kept going over and over it until it disappeared, this stuff is pretty amazing.  I used my polishing compound on them before, and it cleaned it up a little, but nothing how clear and spotless that this Ultimate compound works.  I then buffed it with the other side of the microfiber cloth and my headlights now look pretty brand new.  They are crystal clear as they could possibly get.  I used them on my dad's headlights and he said the same thing.  They just really make the glass on the headlights perfect so you can see right through them.  You know how when you clean your windows sometimes and people can't tell if they are up or down, this is what it looks like on the headlights.  You can hardly tell there is a piece of plastic protecting them.  Same thing with your tail lights as well.  But anyways, since all it needed was one run to get everything off, I can't imagine what this stuff will do for the paint.  I think my review is long enough to bore you, and I think you get the point that this is the stuff to get.  Don't waste your money on other polishing compounds, trust me.  You might want to get a good rubbing compound though.  Even though this stuff is like rubbing compound and polishing compound, it goes on pretty thin and feels almost like polishing compound.  Also, this stuff is very easy to work with, unlike my polishing and rubbing compounds.  Those things took forever to rub in and had barely any shine.  This stuff goes away and shines like crazy.  Get this stuff, you won't be disappointed.