This is also after a few years of neglect. Only waxed the car about once a year before. After clay and polish, there are still visible swirl marks though, but for an almost 6 year old car, I could live with that.
As Amini stated, it is a "permanent" (according to the manufacturer), clear coat that behaves like a wax/sealent. Some have still seen good water beading after 2+ years. Unfortunately it is costly to have someone apply it, but they have an affordable version (2.0) you could do yourself. Besides the cost, the other downside is that it isn't as glossy as wax and sealants (enough for me though). You could top it off with wax/sealant, but it won't stay on for long. If you enjoy detailing your car yourself, this probably isn't for you. But if you're like me and don't have time or space to wash and wax your car often, I think it's a good investment.
H&R Sport Springs, Koni Yellow shocks, PE Exhaust, AFE Stage 2 sealed intake. AA tune.