Having spent some time as a car detailer, I know my way around a buffer fairly well. Generally, you need to buff small areas of the hull at a time, to make sure the wax/glaze/compound doesn't dry to the consistency of cement. Wax should flake and dust when touched with a finger, but not leave a wet residue on the finger. Compound and glaze should be worked wet. Apply and remove right away. Once you've worked with it, you'll know what I mean.
I have used the Collonite products with great success in the past, but now use Meguair's also, primarily because I can get the stuff at wholesale or better pricing. I use a a three step process starting with a material called "DuzAll" which is a clear coat cleaner with a fair degree of chemical reactivity. It is rubbed onto the hull then buffed off carefully with a Makita variable speed buffer set on the lowest setting, with a black foam pad. Then I rub on a coat of "Meguiar's Step 3" and buff that off. Finally, I hand wax the hull with a high quality liquid, or even better paste carnuba wax.
While doing the DuzAll and the Step 3, I never do more than a small section which I then buff immediately (do NOT wait for it to dry). You need to be VERY careful with the buffer as you can burn the fiberglass, although it is easier than doing a car. Use an old tooth brush to remove wax and build up around emplems, etc.
This is a generic cleaning job. In some cases, I will compound, but I tend to do only spots. When I had my red seacraft, the compounding was more frequent.
Good luck and feel free to e-mail me with any questions. Let the chemicals do their job and don't bear down too much on the buffer.
Oh, I clean interior decks with softscrub with bleach once at the beginning of the season, then use simple green or diluted castrol super clean for the rest of the season.