Compounds and polishes are similar. They usually differ by the amount of abrasives they contain (usually aluminum oxide ) . The larger the particle size and the larger the quantity the more aggressive the solution is. Think of compound as liquid sandpaper. Just like sandpaper, compound comes in a multitude of grits. Some compounds like Menzernas Power Gloss are aggressive at first and then begin to break down in size becoming more and more fine, turning into a polish. Compounds are the most aggressive. polishes are used to removed compounding marks and glazes are used to feed and fill minute blemishes (on some occasions, glazes do contain super fine abrasives).
My personal choice of paint care would be as follows:
Menzerna Power Gloss with a medium cut foam pad
Menzerna Intensive Polish with a light cut foam pad
Menzerna Final Finish with a ultra light foam finishing pad
Seal with FMJ followed by P21S Carnauba Wax
The steps listed above are assuming the paint problems are pretty bad. Always start with the lighter of the steps. For example, I would start with the Final Finish on a panel. First work it in, wipe the panel down and inspect it. If the mperfections are still present move up to the Intensive Polish. If the Intensive Polish is unsuccessful, move to to the Power Gloss.
I hope this help a little. If you have any question, don't hesitate to ask.
Brett @ OCD