[Arran]

It's all a matter of coarseness, pumice is finer then sandpaper or steel wool, and rottenstone is finer then pumice. Rottenstone is usually what they stopped with for rubbing out a finish, it comes out glossy but not like a base coat clear coat painted car, which is what that liquid polishing compound is for. Wax is just something you apply over the finish for extra protection, not part of the actual finish, it's optional as to whether you want to use it or not. The compound can be a multitude of grits, some like 0000 steel wool or 2000 grit sandpaper, and others finer then rottenstone.
Regards
Arran