ColorX is good as a one step product: it works as a paint cleaner, polish, and protectant. It doesn't do quite as good of a job as using an individual paint cleaner, polish, and protectant would (at least as far as I know), but it works great when you don't have much time. You can definately use it on newer cars, and many people do since it comes in handy when you don't have time to use an actual paint cleaner, polish, and protectant. PLus it is easier than using all of those products. The kind of difference you will get? It will make your paint look awesome (IMO).
ColorX can also be used to revitalize faded or neglected paint.
Hope this answered your question.

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