I just Zaino'd mine this weekend, and it looks great! I used to use the Meguir's 3 step process on my Porsche. I think I'll be Zainoing, though, from now on. I actually prefer the Zaino application process to waxing. It's nice to be able to do the whole car all at once as opposed to doing it in sections. And you can Zaino in the sun. Layering is nice as well. I've got three layers on now, and if I get a wild hair, I may add a few more this weekend. Although the 944 Turbo is going to get raging jealous. It has acquired a pretty good coat of dust since I bought the FX.
I'll probably continue to use Meguir's Step 1 cleaner periodically prior to Zainoing though. I don't think the clay takes off any more than the cleaner. And the cleaner is easier to use. I clayed about half the car, and then stopped cold and nearly threw-up when I noticed that it appeared to be marring the sh!t out of the paint. (And, yes, I followed Zaino's recommended lubrication process.) I definitely won't use the cleaner every time though -- maybe just once a year or more to remove any accumulated contamination and start again from the ground up.