The problem is, there are no standards for what companies can call their products. ie. Race Glaze is actually an all in one cleaner, polish, protectant. In purist terms, as PB stated, polish is a mildly abrasive product meant to smooth and clean the the paint surface
and remove fine surface defects. Examples would be Poorboys Pro Polish or Griots Machine Polish #3. Glaze, in the purist sense, is a cream used after polishing to shine, lubricate and fill any minor surface defects. It has no abrasive qualities and is usually considered a "luxury" step to really refine the finish of dark cars. Examples would be 3M Imperial Hand Glaze or Meguires #7 glaze. True glazes have absolutely no protective qualities, so the good looks must be sealed in with a coat of wax. Same with polish - no finish protection. In the truest sense, wax is meant only to seal in your polish and glazes which give the shine and gloss. Wax itself is not what makes your paint look good. Sorry for the long post.