How about we compare Meguiar's #26 Liquid and Meguiar's #26 paste?
There is the economy issue. You will get FAR more uses out of a jar of the #26 paste, for the same price as the bottle of #26 liquid.
Appearance of the finished product is indistinguishable; both will produce a deep, vibrant, wet glow on dark colored cars, with a subdued reflectivity.
The liquid is easier to use properly; it's easier to get a really really thin, even coat, and it's easier to apply by PC if you want to use the machine. And thin coats are easier to remove. Removal of either is equally easy, if the coats are equally thin.
Paste waxes in general have a problem with cross-contamination. If you get specks of dirt on the pad (who doesn't), you can then introduce them into the can of wax before you change pads. You don't have that problem with a liquid; you won't introduce contaminants into the bottle.
The liquid #26 contains solvent that remove a little bit of paint, and that makes it unsuitable for mixing coats of stuff. The paste contains no solvents that I can discern.
That's about all the differences I can think of. I've used both quite a bit over the last couple years. I personally prefer the paste. It's harder to use, but I've used enough of it to master the idiosyncracies. I don't like my pads changing color as I wax (my paint is non-clearcoat).
Tom