It should be called Mother *^#@!
I have the Meguiar's Deep Crystal system. I only use step 1 (paint cleaner) for oxidation or scratched paint. IMO, clay works better and is safer for removing tar and getting the paint glassy smooth.
Step 2 (polish) doesn't seem to do anything for my WR Blue WRX (or my Arctic Gray 325i or the green CL), but I use it anyway... not sure why.
Step 3 (wax) is decent and long lasting if you use the paste version. The liquid one just sucks and doesn't last very long at all.