Buff and Shine "Grip Pads":
Red - Sealant/Wax/Fine finishing
Black - Cleaner Wax
Blue - General Polishing
Green - General Cutting / "One Step" Polishing
Orange Microfiber - Extra Heavy Cutting
Lake Country Hydrotech:
Crimson - Sealant and wax application / Fine finishing / cleaner wax
Tangerine - General Polishing - Excellent cut and finish / "One step" polishing
Cyan - General Cutting
Microfiber Cutting - Extra heavy cutting
Those are the two sets I most often use. I tend to use the B&S more, but really love the LC Hydros. I do not recommend the Hydrotech for the beginner, because they have a faster wear rate. The Hydrotech are closed cell foam, which keeps the liquids/abrasives on the work surface. This helps for maximum cycling of diminishing abrasive polishes/compounds. The cut to finish ratio is another notable feature of these pads. The Tangering cuts and finishes more than the blue Buff and Shine. The finish it leaves is absolutely stunning! Out of all of them, that pad impresses me the most.
I tend to pair the Buff and Shine group with Meguiar's, and the Lake Country group with Menzerna/Duragloss.
An honorable mention goes to the Meguiar's Thin Foam Discs. I regularly use their Microfiber pads, but more recently have integrated the foams into the arsenal. They remind me of my Buff and Shine selection, but "dig deeper" per pad. The burgundy cutting is a real heavy cutter, and their yellow polishing is a tick more aggressive than the Buff and Shine Blue. Their durability is also very impressive.