I use AquaWax all the time and use it as my final wipe down on every car that I top with either a wax or sealant (their 111, #21 and CG M Seal - the only sealants I own). It really adds gloss and seems to clear up the finish rather than make it look deeper - almost like it brightens up the surface. It adds the typical wetness and reflectiveness that most surfaces obtain after a spray of some sort is applied.
I'm not one for all of these "deeper, wetter, warmer, glossier" type descriptions, but I feel pretty confident in my description of noticing the above difference once I apply on top of the LSP.
My favorite combo is 845 IW topped with AquaWax basically because I use IW almost all the time for the past few years.
Its slickness reminds me of most detailed surfaces! I used Mothers FX Spray Wax today after a wash and it left just as slick a surface.
To be honest - AW, OCW, Mothers FX Spray, EO WAUD and QD's like 425, etc... all leave similar slickness on a freshly detailed surface. Slickness is more of a feel good physical thing than anything else in my opinion and should have no real bearing if we're going for looks and durability.
I wouldn't compare it to 425 because AW is a spray wax and 425 is a QD. The AW belongs to the lines of spray waxes / sealants utilized as stand alone protection products, not the traditional QD's (like 425 and the handfuls of others) used to clear up smudges, finger prints, light dust, etc...
Overall, if you want a cost effective final, NON carnauba spray with no cleaners and genuine protection with a very, very nice look, the AW is something to consider if you're still searching for a spray product or want to experiment with yet another product.