Its not all that bad, but it can be if your not careful.
Some tips, when you wet sand the clear coat, you will see a whitish milk like liquid form from the clear coat. This is good, if you start to see color, then your screwed b/c you just went through the clear coat. Take it slow, have a clean towel at hand and wipe down what you just wet sanded real quick to see your progress. If you only sanded very lightly, you should see spots of unsanded and sanded areas, this is good, keep on wet sanding until those non sanded spots go away and you are finished, your paint is nice and level. This will tell you in the long run how much and how long you have to move your hand until the paint is nice and level.
Caution, DO NOT do anything rougher than 2000 grit paper!!!!!!! Unless your paint is total garbage, there is no need for 1500 grit. Most paint jobs on cars today only need 2000-3000 grit paper to even everything out. 1500 is too rough and will cut to deep to quickly, plus harder to buff out the scratches. Start off with 3000 grit paper and see how that works for you, it is the safest, it is no rougher than a medium to fine cut compound.
After this I suggest a medium cut compound which breaks down. FI-II (fine cut) is nice, but it takes too damn long to buff everything out, and it still doesn't get all the left over scratches out.