Always wanted a deep red mirror finish...
 

The outdoor picture is what I am starting with. The other pics are all after polishing.

I performed the following steps - all by hand:

1. washed it
2. clay bared the entire car
3. rubbing compound
4. polished

After lifting the hood, I decided I want to clean the engine/bay so I will do that tomorrow afternoon.

So, I have the following questions.

1. After I clean the engine bay and all the other hidden paint (jams). I am thinking I might want to polish the entire car again - this time by machine. Is there any true value to a second polishing step?
2. After polishing, I will wax the car - again by hand. I am thinking this will give it more depth and the carnauba will protect it longer. Is there value to a second coat of wax? (During the spring and fall the car is almost a daily driver for me.
3. For those of you with a mirror finish, how long does it last? I am thinking I will have to do the entire job again - minus the compound every three months?

Absolutely there's benefit to additional polishing steps, but they are severely diminished when done by hand (and by an amateur vs a professional). You need to be careful when stepping into the realm of electric polishers, a real DA polisher can burn and damage paint when used by someone inexperienced; note, this is different than your run-of-the-mill orbital obtained at Home Depot for $40. I highly suggest you hire a professional detailer to perform the paint correction you desire.

The length of time your correction lasts will again depend on the depth of the job performed and also the products selected (brand, sealant vs wax, molecular compositions, etc). Again, your detailer can inform and advise you based on your budget, which will play into how long it lasts.

Ordered a high Quality Polisher (Porter-Cable 7424XP 6-Inch Variable-Speed Polisher). The car looks OK after a hand polish (below). But I am looking to go to the next level.

After polishing, use a high quality paint sealant and then a good carnuba

I'm diggin' the glass moonroof on the VR paint :icon_tup:

I agree with what's been said. As a former detailer, I can attest to the powers of a rotary polisher, but in the hands of amateurs you can easily do more harm than good. I recommend getting a dual action orbiter to do the task like a Porter cable or similar type. I usually get all my supplies from Autogeek.net. They also provide videos on how to use all the equipment and products offered.
The right pad and polish combination is important, so be sure to research that. Always use the least amount of cut as needed to achieve desired results.

After polishing I recommend a good cleanser. It may help bring more depth to the paint. Sealant after a polish is a must. Waxes and the like don't layer. The purpose of applying two coats is to ensure proper coverage. The first time around there will always be small spots missed. I personally like Jetseal 109 by Chemical Guys. Use whatever wax you like. Autogeek has a ton of nice waxes.
I like to seal, wax, and between future waxing, I'll use P21S carnauba because it's easy to apply and doesn't require drying time. Carnauba doesn't last long though, only a couple of weeks. But it does provide a lot of good shine and depth!

Just be sure to do your research before going at it with a machine. With the right tools, you can safely polish the paint. Just make sure you're using the right stuff.

Thanks to all who responded to this thread. I apologize for not getting back to close it out. Not sure what happened.