Ok, step 2 is to get in there with the rubbing compound and rub your ass off. This step takes the most time, probably took me about an hour to get the whole body done.
Step 3 is to use the Megiuars Polish (which is actually step 2 of their system) and rub like hell again...the good news is that you really start to see some shine here.
Step 4 is the wax. I used the Megiuars liquid carnauba on it, just a light coat.
I then reinstalled the neck and all the hardware and polished it up with the guitar polish cloth that came with the guitar.
Wow, what a difference! The grain of the wood is much better seen now and the depth of the finish is MUCH better. The only bad news is that it shows fingerprints like a BEOTCH now...
The next step is probably going to be putting in new pickups, the guitar came as a fat strat and I am thinking I want to go more towards a classic strat sound. I will be looking for a set of single coils to go into a new pickguard...bad news is I will have to solder and I HATE soldering!!!
Anyhow, the results of 2 hours work:
The pics don't really do it justice, I will try and take some outside in the sun tomorrow...