When I bought my BLACK 2007 ST in June of '06, I went through a a lot of trials and tribulation trying to find a good inexpensive wax that went on easy, came off easy, and left a nice shine. I tried a ton of different waxes, applicators, and removal cloths. And I had a lot of dialog with many people on this forum (thanks again everyone!).
The winner was: Eagle One Wet which unfortunately is no longer available. I had a couple of containers left over from a previous vehicle and also picked up a couple more off of eBay so I'm probably set for the life of my present ST.
But even though you can't buy Eagle One Wet anymore, you CAN buy Eagle One Nanowax which, despite its stupid-sounding name, works nearly as well as Wet.
For application I use a damp sponge Meguier's wax applicator and for removal I use microfiber cloths.
I know there are probably better waxes and better methods out there (some requiring five or six steps!), but for something quick and easy, I heartily recommend Eagle One Nanowax.