I had the whole car "cut back" which they did using a rotary pad, effectively scrubbing off the oxidised paint in much the same way you would if you did it using t-cut or the Zymol "chocolate sauce". Afterwards, they glazed it with a special prewax treatment and then I got the old biceps to work and Zymolled the whole car. I know people rant and rave about Zymol, but I really do believe that it is the best.
This treatment is something that cannot be repeated more than twice, as it removes a whole layer of paint, but if you keep on top of making sure the car is cleaned and polished regularly, then you will not have a problem.
DO NOT USE COLOURED POLISH!!!
This will only give you a quick fix and the finish only lasts a few days.
Good luck and as I said before, you will not believe the difference in your cars appearance afterwards.
Regards
Phil