gkerr4 - This comes up frequently, and some of us have sorta agreed to disagree. My $0.02 follows:
Nah, it doesn't seem to remove *much* LSP (Last Step Product) if you clay correctly. The trick is to clay *very* gently. You pull the contaminants out of the wax/sealant. You *don't* abrade the wax/sealant off the panel by rubbing it aggressively with the clay. Big difference.
Yeah, it *does* take off a little LSP, but not enough to really matter. Sal Zaino says it oughta remove no more than "half a layer" of Zaino, for instance. I might have to rewax my often-clayed areas a little before the areas I never clay, but not much.
After reading all the "clay removes wax" posts, I decided to do it, to clay until I'd removed my LSP. I had to clay a *very* long time and I finally clayed so aggressively that I felt I was doing it incorrectly and risking marring the finish. It was so much more aggressive than what I usually do that I can't really even compare the two techniques. So if clay is removing your LSP, you're not claying correctly. Just IMO, of course. But I've been spot-claying ever since "detailing clay" came out and I'm *very* certain that I'd notice if I were compromising my LSP with it.