I have not personally used Meguiar's 3-Step, but I have tried their wax and been disappointed with ease of application and durability. Others have posted negative opinions of 3-Step in prior discussions here, though.
I have enthusiastically recommended 3M Imperial Hand Glaze for cleaning and polishing, and One-Grand Blitz for wax, in prior threads, and continue to do so here. Blitz leaves a deep liquid finish that is amazing on my friend's black BMW and my SBM IS300. You can find 3M glaze in most chain auto parts stores with decent sized car care aisles, and I get Blitz from the Web site I originally mentioned. They just finished a special on it! No association other than as a satisfied customer.
My opinion may only be worth what you paid for it, though!
[This message has been edited by mkaufman (edited October 20, 2000).]