I use this Dunlop Formula 65 Polish Kit for all my electric and acoustic guitars as well as bass guitars with clear coats (I have no idea if it works with Nitro finish).
+ Easy to handle. first pass, cleaning; second pass, applying the carnauba wax; third pass, polishing
+ free from residue
+ resulting in beautiful shiny surfaces: looks like brand new
+ the two bottles last for ages (I have it for 2 years now, regularly polishing all my 8 Instruments)
+ doesn't smell bad :)
All in all I have to say, it is worth the few bucks. If you have some really nice and beautiful guitars, they deserve it ;-)
PS: Perfect with the Dunlop Formula 65 Fretboard Kit!