My comments below apply only to modern clearcoated playfields and everybody would be wise to read vid1900's thread. (In case anyone is so dense that they didn't see it the first few times, here's the link again: https://pinside.com/pinball/forum/topic/cleaning-and-waxing-pinball-machines-vids-guide )
vid1900 brings up a good point about silicon content in liquid waxes. From what I gather, re-clearing a playfield that once had silicon is a bear.
That said, car wax manufacturers have said for a while now that technology has reached the point where there is no difference between paste and liquid. According to wax manufacturers, paste exists primarily for "traditionalists" rather than for any objective durability or appearance reason. Modern waxes are a chemical process and thus the delivery medium (wax or liquid) matters less than the chemicals themselves.
Ease of use and "sense of fulfillment" have become factors that are as important as shine and durability. P21S smells the way it does because they add aromas for the benefit of the user but that do not benefit the shine or protective durability. Adding aromas may sound silly, but only for those who have never smelled P21S while waxing a car. Personally, I value the use of a wax that does not stain plastic - I'm sick of those pockets of white wax residue around star posts.
Here's another article on waxes with pinballs: http://www.flippers.be/playfield_wax.html