Many extoll the virtues of Treasure Cove's cleaning and polishing kit:

http://www.treasure-cove.net/PolishingKit.htm

TC_Kit.jpg

I don't think there is any one right answer. I do, however, think that waxing a game after every 100 plays seems a bit excessive. I play all of my pins regularly, and I try to give them a good cleaning with Novus 1 about once a month. I give each playfield a thorough waxing with Mother's pure carnuba wax about once every six months. I use the liquid and have had good results, but there is a paste available as well:

Wax.jpg

If you keep your pins clean, I don't really see a need to use Novus 2. In my eyes, Novus 2 is a great product if you are shopping a dirty pin, but it is more abrasive than necessary for general cleanings.

I can't speak for all liquid waxes, but the stuff I use (pictured above) is very thick. I never have a problem with it going where I don't want it to, and I find it a little easier to work with than a paste.