What kind of wax/polish is best?

personal preference. I once worked at Winder Boats in the UK and they used a yellowish looking polish, but I'm not sure what it was. I also have a Mirror though and I used a very slippery carnauba wax on that, but i don't put anything on my Laser
 
The links Greg posted are great. For teflon polish, the best I've used is Starbrite's Teflon Polish. It gives your boat a mirror like finish :)
 
I really dont think that have polish on your boat heaps. But if you think it does the physiocological gain is great so do ;)
 
A couple of the more expensive solutions
Rain-X - This was pretty common at the Olympic trials in 84 when I was sailing a Finn
Sailkote - I'm told this has been used lately.

I think they both basically work the same way, a hydrophopic coating.
 

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