If you really want a good shine, and are considering going down the polish/wax route, (one of) the best hand polishes you will get is Autoglym Super Resin polish.
Its an AIO (all in one) type product, which has fine abrasives to help removes swirls, it also has a filling agent to fill some swirls (this washes back off over time) and has a slight protection aspect to it as well, hence the AIO. its only durable for a few weeks to a month on its own, so to go over top you may want to consider a last stage protection product like a wax or a sealant.
Wax is Ok, and performs well, but due to the "sticky" nature of most waxes it has a tendancy to attract more dust in my experience, and so a modern sealant is generally a better proposition for a bike.
If you want something quick, and easy to apply with reasonable durability you will struggle to find a modern product to beat Carpro HydrO2. you just wash the bike as normal, and spray this stuff on with the bike still wet, then rinse it off and it adds a layer of extremely hydrophobic protection which will sheet water like crazy. and if the water doesnt stick and settle, it helps to stop dirt from sticking as well.
There are a few other products out there which are pretty good for bikes. For general cleaning between washes something like Autosmart G101, or any other All purpose cleaner works well for me on extremely dirty parts. and in the normal wash bucket I usually stick something like Valet
Pro poseidons carnauba wash, which has wax additives which helps maintain some protection on the paintwork too, whilst not being as sticky as a hard/paste wax due to it being liquid based and diluted in the wash bucket.
oh, and to answer your original question, I believe the product you are referring to is Autoglym Aqua Wax/Express wax (express wax is the trade name, but its called auto wax in the retail range). you dont dilute it with water though, you simply decant it into a spray bottle and spray it onto the bike wet, it works as a rinse aid with wax content to add a bit of shine, much in the same fashion as poseidon carnauba wash I mentioned earlier.
...sorry, Ive rather rambled on there.. cleaning is kinda my "thing"