Meguiars' NXT Tech Wax is more of a paint sealant than it is a wax, and as with all synthetic "waxes," the point is to spread it as thinly and evenly as possible. Using too much will not only waste the wax, but it won't allow the wax to haze properly. This will not necessarily harm your paint, but it will make removing the wax a hassle, which can cause streaking.
Any type of wax should be applied by hand. Even pros shy away from applying it by machine, so elbow-grease is definitely the way to go. That being said, those are definitely good entry-level consumer products (the type you buy off the shelf). When you get more accustomed to the process, you can look into professional products, but the pricetag comes along with it.
I'm personally not a fan of microfiber wash mitts, I prefer good old-fashioned real sheepskin wash mitts, even though they are a hassle to clean.
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"The object of war is not to die for your country but to make the other bastard die for his."
-General George S. Patton Jr., 1885-1945
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