Clay Magic is really good, i use turtle wax ICE polish as well. for wax i have tried several and the one that has worked out best for me is Auto Magic New Car Glaze for dark paint and it smells like grapes too this is the type of products that i've seen dealers use for when i used to do alarms for them. a quicker detailer is Eagle 1 wipe and shine.
http://www.automagic.com/

 

Ive read clay bars will strip your clear coat also if done too much, which is why it should be done so sparingly? Someone linked a faq on autopia or something that said that clay is abrasive.

I know when I clayed, it stripped off all the wax down to the clearcoat only, and I rewaxed it 3 coats on hood and trunk, 2 coats everywhere else.

 

The stuff I use now is called Pearl of Essence, new car polish. I did this stuff side by side on my hood with Meguiar's and this blew Meguiar's out of the water. Meguiar's clay bar is NOT abrasive, it won't remove your clear coat.

 

There is no definitive schedule that can be applied to all cars. Many factors play into how often claying is recommended for your vehicle (where your car is stored, how often you wash it, what environmental elements are in your area, etc). However, you can easily determine for yourself how often to clay by performing a simple test. Every time you wash, use Quik Detailer® or Ultimate Quik Detailer® on your vehicle, run the palm and fingertips of your clean hand across the top surfaces. If you feel a rough, bumpy surface, it is time for you to clay. Depending on the mix of factors that affect your vehicle, you could benefit from claying as often as weekly to as rarely as once a year.


Taken right from meguiars website.