I just finished fixing 2 paint chips on my Explorer where my 2 year old knock a bike over into it. I used some touch up paint to fill the spots (about half the size of a dime), then wet sanded with 3M 2000 grit wet sand paper (use plenty of liquid). I used Mequiar's Quick Detailer Spray as the wet spray. I then used 3M Rubbing Compound to clean the clear coat back up, then Mequiar's Gold Class wax. If you really look, you can see the spots, but you have to know they are there and really be looking for them. I had to do multiple coats on one of the spots to get the thickness right to match the truck, but you just repeat the steps a couple of times and it works pretty well.
